[jwalsh07]

OK, how much you would you like to wager that the US is not in a depression at the end of Bush's term?

[habs4ever]

This is a hysteria, more people confusing causes and symptoms.It can be remedied, if need be, by massive Fed buying of long bonds, to really, finally, once and for all, end the monetary deflation brought about by....the Fed.

[Arleigh]

OK, how much you would you like to wager that the US is not in a depression at the end of Bush's term?

The only thing that prevents me from taking your bet is that I'm not sure how to define "depression" in 2004. It's hard to imagine a government with unlimited power to create money allowing a 30's-style deflationary depression ever again. So there's the strong possibility of a 70's-style stagflationary depression with NOMINAL growth.

If I knew whether it will be a deflationary or inflationary depression, I'd be a millionaire in 10 years.

[Fred Mertz]

OK, how much you would you like to wager that the US is not in a depression at the end of Bush's term?

I think we might be in one right now.