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"Up until now they have been able to use fear as their best tactic, and whether it's on foreign policy issues or domestic policy issues, that's how that first TARP fund went through… If things get worse, they'll say this is more reason than ever for the government to take over and of course we still have the threat of martial law coming in because they havn't forgotten about that and I don't think they'd hesitate to use it.

"The current downturn beginning in 2008 is more pronounced," Steven Landefeld, director of the Commerce Department's Bureau of Economic Analysis, said in a press briefing this week. The revisions were in line with past experience in which initial figures tended to underestimate the severity of contractions during their early stages, he said.