Simon Johnson, in the May 2009 issue of The Atlantic:
The conventional wisdom among the elite is still that the current slump "cannot be as bad as the Great Depression." This view is wrong. What we face now could, in fact, be worse than the Great Depression -- because the world is now so much more interconnected and because the banking sector is now so big. We face a synchronized downturn in almost all countries, a weakening of confidence among individuals and firms, and major problems for government finances. If our leadership wakes up to the potential consequences, we may yet see dramatic action on the banking system and a breaking of the old elite. Let us hope it is not then too late.
I think things are going to get very bad.
Things are going to be awful for everyday people.
The era that defined Wall Street is finally, officially over.
People say to me, "Whatever it takes." I tell them, It's going to take everything.
From the archive:
My heart swells in my chest and while I laugh,
I feel fear, smell a faint stench of insanity.
The Quiet Coup