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Here we are. One can utter 'D' word and no more howling from detractors.

It started with subprime crisis.

1st talking point: this is only the tiny fraction of financial market. No crisis.

The crisis spread over the entire financial sector

2nd talking point: this is a crisis which can be easily contained. It will be remedied quickly. No chance of recession.

The financial sector are visibly hemorrhaging

3rd talking point: the real economy is fine. This is only the financial problem. Factories are running, and people are working

People start losing jobs. Government spends trillions to plug massive hole in the financial sector.

4th talking point: Don't panic. We are only in a recession. However, green shoot will arrive soon. This is an ordinary recession.

Unemployment level is going up. Some say 'D' word.

5th talking point: This is not a depression. You won't say depression until unemployment hits 10%

unemployment hits 10%

6th talking point: OK, this is a 'Great Recession,' not another Great Depression.

In the future.....

Inflation skyrocket.

7th talking point: See! Prices are rising left and right. I told you this is not another Great Depression.