Warren Buffett said in April that the recession will be "longer and deeper" than most people are expecting. With all the commotion on Wall Street last week, the forthcoming financial institution rescue plan, and little good news to speak of, it looks like he's right.
If my family and circle of friends and acquaintances are any indication, the economic troubles that started on Wall Street are careening down Main Street and crashing through front doors. My company is regularly laying off people, a close friend who is a dentist is seeing less patients, my husband is closing fewer sales and has fewer prospects, and an acquaintance who is a pastor is collecting fewer donations each week.
But are we headed for another Great Depression? At that time, unemployment levels were at 25% and being frugal was a way of life, not an option.
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