Depressing Report

Another entry from the "No Kidding" Department: Recession Will Be 'Full-Blown Depression': Strategist - General * Europe * News * Story - CNBC.com: "This global recession will turn into a 'full-blown depression,' Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn't come down to Main Street..."

The closest thing to Main Street stimulus has been "Cash For Clunkers." How about some "Cash For Public Works" or "Cash For Teacher's Aides?" Or "Cash For Manufacturing Jobs?"

Update:

In the comments for this post, Alessandro Machi outlined a darn good idea methinks:

"It's actually simpler than that. Just waive all interest rate charges on EXISTING consumer credit card debt for anybody who is trying to pay down their credit card debt. (however the banks can't waive interest and then have someone run up even more credit card debt that they will never pay off)

This would instantly divert 15-25 billion dollars a month into local economies. The local economies would be strengthened not by bailouts and stimulus packages, but by one person's paycheck stretching farther.

The banks would not lose out as their customer default rates would shrink almost overnight. As people had more of their paycheck money to spend, they in turn could stimulate their own local economies through their own sweat equity.

This in turn means as this additional 15-25 billion dollars a month goes into local economies the people who are then being paid to do jobs or services could start to pay off their loans. It really is that simple."

This idea would certainly put some dollars at the bottom of the trickle-down where the money needs to go.