I think >15% (reported index) unemployment = depression.
We are getting close fast on the reported front.
I really think it is heading to stagflation. Lots of big banks to fail. They can't continue if they don't make the loans for income. They are and will be required to hold more reserves with FASB changes ... where is that going to come from? Sell off assets - to who for how much? Oh yeah, no mark to market LOL! Who would buy at their asking price?
Buffet made his choice with GS... last bank standing? Of course ... he had some cash.
Will the other banks need a Buffet? Gates up to it? Who else is left?