We May Have Reached a New High Water Mark
In Comments About How Bad the Meltdown Is
Like me, you may be tired of hearing how the current financial problems are the worst since the Great Depression, since it's been uttered a few millions times. Earlier this week, we were troubled to learn from this New York Times story that the nation's banking system is basically insolvent. A day later, PBS's Frontline series added yet another bracing bit of context with its excellent documentary recounting recent economic events, Inside the Meltdown (which I urge you to watch online if you missed it on TV). But after reading this brief Reuter's story, I couldn't help thinking we'd crossed yet another perilous threshold. A highly credible financial figure, a man of towering reputation, former Fed chairman Paul Volcker says "I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world."