Krugman: The 3rd Depression

Krugman:

"We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

And this third depression will be primarily a failure of policy. "

http://www.nytimes.com/2010/06/28/opinion/28krugman.html