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It's not a depression. But what will candidates do?

From WSJ:

Yesterday's global stock selloff is best understood as the recognition by investors that the financial panic is world-wide, and moreover that it almost certainly means a global recession. As bad as the carnage is and will be, this isn't the end of days. It might even be clarifying if it causes economic policy makers to abandon some of the illusions that have guided them for the past 14 months.