On one hand, Tyler Cowen of Marginal Revolution things the mortgage mess isn’t really that bad. On the other hand, Dave Johnson of Seeing the Forest thinks it’s even worse.

It is, however, worth noting that Mr. Cowen hedges his bets with a link to a British article suggesting that we may be staring down the possibility of a full-blown worse than 1929 style economic meltdown. I’ll stick with my theory that reality is somewhere between the extreme predictions.