FIRE Economy Fallout -- Part I: Recession ends, depression begins

``The Great Depression did not end when the economy stopped shrinking in the first quarter of 1933, after contracting in real terms by 27% over the previous three years. At the time economists heralded the event as the end of the depression. In fact, they were less than a third of the way through the ten-year period between 1930 and 1940 that came to be known as The Great Depression... Several years from now, no one will say that the FIRE Economy depression ended in Q3 2009, either. ''