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What Happened to the 'Depression'?

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DEPT. OF PREMATURE EXCLAMATIONS
"Day after day, economists, politicians and journalists repeat the trope that the current recession is the worst since the Great Depression," writes Allan Meltzer in the Wall Street Journal. "The facts we face today are very different than the grim reality Americans confronted between 1929 and 1932," Meltzer observes. Which is true. We're a ways away from "the 42-month duration of the Great Depression, or the 25% unemployment rate in 1932. Then, the only safety net was the soup line," he says.

To which we say, meet the modern day soup line:

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