cramer was right that an emergency rate cut was needed, and i say this as someone who thinks low rates created this entire mess. at the time he has his tantrum, the market needed a massive cushion regardless of the consequences. the problem is, the Fed is finding it hard pressed to take away the stimulus. with commodity prices getting killed, the pressure is off for now

what does it all mean? DEFLATION IS HERE. even near-zero real rates can't elevate prices. deflation is here, depression2 cannot be avoided

I agree: "The Greater Depression" is coming almost exactly 80 years after the last one.

I think Mark is right that this will happen again and again, but not because we don't have enough legal structures in place. Although that would help for a while, it would soon be undermined. Capital markets are a prisoner's dilemma. If everyone behaves, everyone wins, but there's just too much incentive to misbehave and win spectacularly at the expense of others. With so many people playing, it seems impossible to avoid.

Unfortunately, 80 years, four generations, is just long enough to forget the lessons from last time.