Samuelson's point is that we are not necessicairily going into a depression, that it is probably just a recession. He is trying to point out that people are just over-reacting. He believes this because it has happened several times in that last 60 years, and always gets worked out.
He also feels we need to have more government action, because they are off to a very slow start. he feels more action should be taken before we actually go into a depression.
He also has several examples of how bad our recessions get before they pull out, and start heading back up.
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