Depression - Economics. a period during which business, employment, and stock-market values decline severely or remain at a very low level of activity.
Oil is down to $59 a barrel that would be good news but it's not. It's an indication that demand is gone. Same holds true with commodities, retail and manufacturing. The only things I see going up today at least are railroads and shorts (not the ones you wear). GM reported that they have $2 billion left to burn through and at that rate will be finished by January.
Watching the financial channel it looks like the pom poms are all worn out leaving a trail of streamers on the floor.
Then there's the mortgage bailout. Sounds like a good starting point until you consider the pending layoffs in just about every sector. As we remember 70% of GDP is from consumer spending. The latest "plan" is to lower the interest rate on mortgages by nearly half and possibly extending the mortgage from 30 years to 40. So in essence what they are asking is to let a home buyer be in debt the rest of their life and there's no guarantee once these people get this bailout they won't get laid off and default anyway. If there's no stimulus to create jobs then this may be all for nought.