As bad as it is, it’s still not the 1930s for the economyWe have unemployment and deposit insurance, welfare, Medicare/Medicaid, foodstamps and Social Security. None of those “automatic stabilizers” existed backthen. Today, we have the benefits of a social safety net (eg, anti-poverty spendingis at its highest level ever at over 3% of GDP). This is not to ignore the currentdeep-seated economic and financial problems. Make no mistake, credit lossesrecognized thus far have totale.

H edge Fund Monitor,good bye oct.