Folks, it is time to stop talking about recession and deal with reality. We are headed into a full-blown depression. All the historical precedents have been met.

Retail Sales Plunge by 0.6 Percent

Unemployment is skyrocketing. We don't know how bad the problem is because the US government's figures cannot be trusted.

Right now 20% of American homes are in arrears on their mortgage payments. 20% are in trouble with the IRS. Those are depression era levels.

Amy Derjue poses the question after reading a report on a 600% (!) increase in Massachusetts since 2005 and then following that up with a BostonNow report that the Massachusetts economy is doing just fine.