[LookSe]

Mortgage Giants’ Collapse Could Herald 1930’s Style Depression

Monday, July 14, 2008

Veteran London Times journalist William Rees-Mogg predicts that the collapse of U.S. mortgage giants Fannie Mae and Freddie Mac could herald a downturn into a 1930’s style depression that threatens to sweep away democratic governments.

Rees-Mogg served as editor of The Times, Britain’s oldest surviving newspaper, from 1967 to 1981, and currently sits in the House of Lords.

In his column today, Rees-Mogg states that the world economy is not just entering an economic recession, but a depression comparable with the great crash of 1929 and its 10-year aftermath.