The economy isn’t in a recession, it’s in a depression, but that doesn’t mean investors should shy away from the markets. That is the sage advice of David Dreman, chairman of Dreman Value Management, writing in this week’s issue of Forbes.

“Let’s not sugarcoat what’s going on,” Dreman writes. “We are in a depression. It continues to devastate industry after industry like a wild forest fire leaping across the clearings.” By the end of this year, there could be 50 million people out of work around the world.

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