“There is a sense of anxiety that people feel when they think their money is not safe,” states University of Texas Professor Dr. James Galbraith. Galbraith says he understands why people are on edge concerning the recent Market slide, but he also explains that today’s economy and government resembles nothing of “The Depression Era."

“Big protections are there that were not there in 1929 and that means that we may see a very significant recession, but we are not going see 25 percent unemployment and a collapse of output,” states Dr. Galbraith.

KCBS' Jeff Bell reports

Galbraith sites social security, corporate protections, and the economic strength of the U.S. government as the key elements that will keep the U.S. from sinking into a depression.

(pbo)