This latest recession started in December, 2007. Since the Great Depression 75 years ago, recessions in America have lasted an average of 10 months, with the longest previously lasting 16 months, not counting this latest spooky downturn.
When I was a kid, we dreamt about someday owning a "flying car" like the ones we saw in cartoons. Back in those days, I also heard my dad warn that "someday we will have another depression, where the financial world just collapses overnight."
The Great Recession is proceeding apace, but it cannot be seen in the undulations of the Dow Industrial average or the housing index. Rather, the more worrisome and dangerous recession is happening abroad as President Obama withdraws American influence when it is most needed.
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