But have we learned enough?

Like most economists, those at the International Monetary Fund are lowering their growth forecasts. The financial turmoil gripping Wall Street will probably spill over onto every other street in America. Most likely, current job losses are only the tip of an ugly iceberg.

But when Olivier Blanchard, the IMF's chief economist, was asked about the possibility of the world sinking into another Great Depression, he reassuringly replied that the chance ... Full Story »