They say a recession is when your neighbor gets layedd off and a depression is when you get layed off. While I have seen nothing but layoffs and Indian contractors at my leading provider of global information employers offices for some years now the recession has just hit. My neighbor a project manager with Fannie Mae, father of three oldest maybe 9, owner of a house bought at the top of the market and Obama supporter just got his redundancy notice.

He is a fine fellow with nice kids, a basset hound, and an endless “honey do” list. A little while back his Mum passed and he inherited a little money some of which he put into the house and the rest Fannie Mae stock. Needless to say the stock thing didn’t work out so well and he is probably underwater on the mortgage as well. With three young children his wife works a few hours a week as a clerk at a small local shop.

Things will get worse before they get better now even if every proaganda machine were shut down tomorrow and their editors suddenly came to terms with the world as it is and not as they wish it were.