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We may go into great depression after all. It seems we are still $2Tr off in the bailout efforts. Without it the credit thaw may not be achieved. The other time tested way is market enforced asset write downs and that will lead to a massive wave of collapses. Maybe the govt will keep investing to prevent such a scenario. Other potential problems that come into the picture with massive bank failures or long credit freeze is deflation. The probability for deflation is being put at 20%. If this happens then we are likely to get very close to the great depression.

http://finance.yahoo.com/tech-ticker/article/97314/Banks-Adm...
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