“Way Down in the Hole” [update 3]
If you're in the 'this-recession-won't-be-so-bad' camp, then have a look at this graph comparing American job losses in the two most recent recessions with job losses so far in this one.
Well the US accounts for 10% of our merchandise trade, and they are a major driver of economic activity in Asia - an area which accounts for another 35% of our exports …
UPDATE 1: Be aware of a few things in this graph, not least the stamp “Office of the Speaker” in the corner. As a Cafe Hayek commenter says, “After all these years, Pelosi's reputation precedes her, and that stamp automatically makes the plot highly suspect.” Nonetheless, says Andrew Sullivan, “Pelosi's graph is not that misleading.”
UPDATE 2: The Calculated Risk Blog has a graph allowing you to compare in percentage terms the pace of unemployment growth in this latest panic to unemployment growth in recessions going all the way back through Carter’s recession of 81/82, to Nixon’s of 74/75, and Eisenhower’s of 60/61.
UPDATE 3: The latest Peter Schiff video backs up that lovely employment graph above [hat tip RW].