What would financial Armageddon look like?
Many people have compared the current financial crisis with the Wall Street crash of 1929 and the Great Depression of the 1930s that followed it.
Yet current events are clearly not in the same league.
"I don't think so, considering that the Great Depression had thousands of banks failing and people losing their life savings, 25% unemployment and social unrest and tent cities of the poor," says Allan Sloan, Washington Post and Fortune magazine columnist.
The US government may end up spending trillions of dollars dealing with the problems, but so far, with unemployment at about 6% and arguments going on about whether the US economy is even in recession, it seems frivolous to mention the current crisis in the same sentence as the Great Depression.
However bad things seem at the moment, they could be a great deal worse.
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Yet current events are clearly not in the same league.
"I don't think so, considering that the Great Depression had thousands of banks failing and people losing their life savings, 25% unemployment and social unrest and tent cities of the poor," says Allan Sloan, Washington Post and Fortune magazine columnist.
The US government may end up spending trillions of dollars dealing with the problems, but so far, with unemployment at about 6% and arguments going on about whether the US economy is even in recession, it seems frivolous to mention the current crisis in the same sentence as the Great Depression.
However bad things seem at the moment, they could be a great deal worse.