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Bankruptcy Statistics Raise the Question, Is this a Depression?

By Joseph McDaniel, Esq.

My particular perspective as an Arizona Bankruptcy Attorney, in a state ranked in the big five for mortgage foreclosures and trustee's sales, causes me to see a lot of economic misery.

And it makes me wonder whether it's just me, or whether the United States is really in a depression.

My conclusion is that we are in a Depression, not a Recession. And that there is no reason to worry about a double-dip Recession, because we have not emerged from the economic Death Valley.

I'll come back to this issue over time. I may be wrong, because of my specific perspective.

And a lot of folks say this is not a Depression; and I'll give them plenty of time to talk.

Some folks believe that this is a Depression; and I'll give them plenty of air space, as well.

And as always, he who lives the longest sees the most!

 

Full post as published by Arizona Bankruptcy Attorney Blog on February 05, 2011 (boomark / email).