An Economic Crisis of Historic Proportions

Looks like the economic crisis is going to be long and deep.

Reuters carried a piece yesterday outlining Obama’s perspective on the economic crisis. A few of the highlights — or should I say lowlights:

U.S. President-elect Barack Obama said on Saturday he was crafting a two-year plan to fight an economic crisis of “historic proportions” …

… leaders at the Asia-Pacific Economic Cooperation forum called for a global free trade deal to offset the economic crisis.

Obama said, “There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better.”

… swift and bold action was needed to prevent a deep slump, a spiral of falling prices and millions of job losses.

“The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions,” Obama said.

I admit that I get a little nervous when the president-elect of the world’s largest economy, and a person who campaigned on hope, starts saying things like an economic crisis of historic proportions. And more so when Wikipedia dedicates a page to it.