Sep 23, 2011 6:46 PM GMT
The stock market has been doing its crazy roller coaster thing for months now, but this week's plunge felt somehow more definitive—coming, as it did, with widespread declarations that the smart money was giving up on the possibility of the European and American governments getting their shit together enough to solve this whole "we've indebted ourselves to the point of oblivion" thing.
So, is this what a double dip feels like? If so, this is just the beginning. You can expect it to dip much, much further. The best case scenario is an outpouring of government spending that staves off the recession's deepest craters in exchange for a much longer period of austerity. But all in all, it's hard to tell. Unless you're one of the lucky ones, you never got out of the first dip.