Deep Recession?

Over Christmas port, that was the sobering word from a non-alarmist friend of mine who works...'on the street'. While I got a bit confused about some of the reasons/numbers the gist is it don't look pretty - and the financial mess created by irresponsible lending and falsely rated financial products is going to take a long, long time to dig out of. Massive losses on Wall Street might cause the city and state to perhaps cut back and reconsider massive wastes of money like subsidizing fat cat Bruce Rat?

I can only hope, but I do not expect it. If the financial industry has been this imprudent, one can only imagine the games the state is playing - and expecting politicians to have foresight? You may as well wait for a Christmas card from Abe Foxman.