I just don't see the economy going that bad that quick. It isn't in the best interest of the power-mongers, and as evidenced on monday, they will take steps to hedge against it. It will get worse, but I think the effect will be a lot more gradual. When the media keeps screaming the sky is falling and then it doesn't, the tendency is for the public to get used to things looking like they are going to tank, and not getting so alarmist.
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The ultimate result of shielding men from the effects of folly is to fill the world with fools.
-- Herbert Spencer, English Philosopher (1820-1903)