Monday, October 06, 2008

No Depression?

Oh joy:
The word “recession” wouldn’t describe the deep structural problems affecting everything from the U.S. housing sector to the Canadian oil industry, said Bank of Nova Scotia chief economist Warren Jestin.

“You have to invent a new word to describe what we’re in now,” he said after the banks presented their perspectives at the Economic Club today.
How about: Global Economic Shitstorm?

But please, no depression. (Apologies to Uncle Tupelo).

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