How Bad Is It? Some Say Crisis Worst Since Great Depression

Just a reminder, dont get carry away.

If crisis (and chaos) breeds opportunity, Tuesday was a prime day to get long stocks -- as Wednesday's robust rally seems to suggest.
In an extraordinary series of events, President Bush and Fed Chairman Ben Bernanke gave dueling presentations as policymakers and politicians tripped over themselves to address the nation's financial crisis.
Some observers, like NYU economist Nouriel Roubini, believe this crisis is the worst since the Great Depression, and the "run on the bank" at IndyMac does evoke that era of bank failures.
But "worst since the Depression" doesn't mean things will get as bad as the 1930s, when the U.S. unemployment rate hit 25% -- or even the S&L crisis of the late 1980s.
While it's critical to note the current situation isn't nearly as bad as past crises, it's also important to keep in mind that the Great Depression was an era, not an event -- meaning the current situation could get a lot worse.