Meanwhile, the masters of the universe

... are in a pool of shit so deep that they're drowning in droves. There is no reason not to be deeply worried about the threat of another depression. Even Paul Krugman is worried, and he's usually a calming voice despite his harsh (and just) critiques of systemic financial shenanigans.

If a depression happens, the fault will lie squarely with those whose mania for deregulation led the smart guys to be able to hide risk in a wild and deceptive market. That includes almost all Republicans and most Democrats, especially those who turned to Wall St. for campaign contributions over the past thirty years.

The upshot: It's dangerous to go to bed with a service industry that has its eye on your wallet - in either direction. Problem is, everyone gets screwed.

If we do suffer a depression, America and our position in the world will never be the same. That may be true without one, but a depression would make it a certainty.