If the worst comes, that’s what we’re looking at, according to a highly credentialed conservative economist I was just talking to: “A major, major depression–as bad as anything we’ve experienced in our lifetimes.”

UPDATE: Since people have asked, this economist’s nightmare scenario is based on nothing passing. He’s very reluctantly supportive of the Paulson plan.

ANOTHER UPDATE: E-mail:

I think 1933 is a bit strong. More like the Depression of 1893-1896. If the conservative members of the GOP derail this deal and there is an economic collapse, no one will care that they were trying to save the taxpayers money…