Ken Langone Says That We are in a Depression

Ken Langone, venture capitalist, investment banker and financial backer of Home Depot

, appeared on CNBC on Tuesday and said that we need to accept that we are in a depression, not a recession. Langone went on to say that the country will not start to heal until we accept this. Characteristically speaking his mind, Langone asked the hosts why the gap between the rich and the poor is widening. After hearing answers like, “declining unionization” and “outsourcing of unskilled jobs”, Langone said that it is, in fact, the decline in the quality of education that is to blame. “This generation is the first in the entire history of public schools in America that has a lower literacy rate than the previous generation,” he said.