Is America in a Depression?

" Call me really. Yesterday on this program what about -- called it a deep depression and we can't with a statement like that go without further scrutiny. Joining us now with a man who used the -- Washington at the -- but tech gym that is a very strong would lots of ruffled feathers when he used it. Justified the use of the expression depression. Okay that depression is a sustained period of low productivity. And low labor imports meaning higher unemployment. Well we've got nine and a half percent unemployment thing that qualifies as a depression. Well I think that nine and a half percent -- wrong number. When you take the broader measure of unemployment is up about 16%. This includes people who have just given up looking for work. Or people who are unemployed or underemployed. Well but so is it okay that we've got oil weighed down gas weighed down the stock market has been coming down a law recently. Do you think investors all looking at you'll use of the depression would also be a recession call it what you will. All day selling stocks and energy. It commodities because of watchers say. I know they haven't thought this through. I I was gonna add that we've lost more jobs in the underground economy. You know we had between ten and twenty million illegal immigrants. Working in this country. Providing services -- of cutting your launch providing childcare. They're all out of work. Because we lose our jobs we can't -- that. That's more money out of circulation. Okay do the politicians. Realize it yet and by that I mean there's talk of a second stimulus plan maybe they get a warrant. But maybe they'll also may be that got to rein in some of that policy proposals whether it's health care will cap and trade. What do you think. I think they're worried about the mid term elections. I don't think they look far enough ahead. They think that they have contained the depression. My argument is that it's uncontained. We're going to have hyperinflation. And we're going to have. The the unemployment that you would -- suffered here now if they had left things alone will be stretched out for decades because because when you raise taxes to pay back the deficit. You're squeezing jobs out of the economy you Lauren date legitimate tagged as dramatic stuff but thanks for bringing it to we appreciate it."