With the country in a recession and daily doses of bad economic news, could another Great Depression lie ahead?
UW-Madison economist Donald Hester says he doesn't think we're heading for another Great Depression, but he won't rule it out. Hester does have hopes for an economic turnaround late next year, even though we're currently in uncharted territory for many markets, such as housing and other commodities.
Hester points out that unemployment is not nearly as bad as it was in the recession of 1981, and doesn't think it'll get to that level. Still, he says it's too soon to tell and we won't know until the economy bottoms out.
