THE SECOND GREAT DEPRESSION?

Article by JING CHAI

Ever since the first blue-collared workers at GM were fired, America has been in a state of worry over the current economy. Words like "crisis" and "mortgage" dot the newspaper headlines and are frequently repeated in radio programs. But is our current economy really THAT bad? Didn't the Fed just (as of last week) approve a $700 billion bailout plan for Wall Street? Yet mistrust in the government, downwards spiraling incomes and dipping home values among other factors prohibit the average American from espousing Wall Street. President George W. Bush says, "It's going to take awhile to restore confidence in the financial system." But he believes that in the long-run, the bailout plan will work, and Americans should not worry. Unfortunately, the President's word is not, and has not been, popular for the last few years of his administration. On Monday, October 6, the Dow Industrial at one point fell 800 points. Stocks are plunging despite the emergency rate cuts. Global markets that depend on the U.S. economy are failing. Should people abandon their stocks completely, or try to ride this Depression out? For now, professionals advise citizens to consult money specialists before making any big money decisions. The least we can hope for now is that Bush, and the rest of the Fed, paid attention in history class. Let's learn from the Great Depression so we don't live in a Second one.