According to dozens of experts surveyed by The Wall Street Journal, we’re heading into a recession that will be the worst in 50 years, with at least three consecutive quarters of less-than-zero growth. Millions of homeowners face foreclosure, trillions of dollars have been lost in the stock market, and we’re going to see a spike in joblessness — perhaps a big one.

In a jaw-dropping story in yesterday’s Washington Post, a news analyst even wonders whether we’re seeing “The End of American Capitalism?” (Now there’s a headline I never thought I’d see in a major U.S. newspaper.)


Play “The Party’s Over,” by Eliza Gilkyson

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Remarkably, this desperate tumult was predicted in better times last year by the edgy Austin-based folk-rocker Eliza Gilkyson. She’s been performing “The Party’s Over” on the road for months and released it this summer on her record Beautiful World to rave reviews in the U.K. (I have yet to see a single review of this record in the U.S., but maybe that’s because newspapers are so busy firing critics that they’re not bothering to review records anymore.)

In any case, take a look at these lyrics (or listen to the song) and ask yourself, doesn’t this (metaphorically) describe the nation today?

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The party’s over, we had a blast
Brought in the lawyers to cover our ass
Left a note for the children to clean up the mess
The party’s over; it was a big success!