FT.com / In depth - US faces worst recession in 26 years

FT.com / In depth - US faces worst recession in 26 years: "Senior officials at the Treasury and Federal Reserve are confident that the rescue plan for US banks will succeed in preventing a financial system meltdown and ensure there will not be a repeat of the Great Depression. But they know that a sharp economic downturn is already baked in the cake. They do not,however, know how deep or protracted it will be."
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After listening to Bush and Paulson, I thought we were looking at bread lines, selling pencils on street corners, and strangling pigeons in the park to feed the family. If all we get is a 1982-size recession, the country can deal with it. Recessions are inevitable. The ones we had in 1991-02 and 2001-02 were painful for many people but still manageable for most of us. The 1982 recession was worse, but we got through it.

I am much more concerned about the baby boom retiring (that includes me) and what will happen to public and private pension funds and the social security system. If Obama spends in accordance with his promises, on top of the gazillion dollar bailout orgy, the Treasury will be printing money until the presses seize up and we will be carrying our cash in suitcases instead of wallets.