Thomas Friedman was on to something when he told us that the world is flat in terms of the interconnectivity of the world’s economy. The United States has tremendous leverage on the world economy, and the current economic downturn is evidence of this. With the failure of the $700 billion recovery plan to pass the House, the economy around the world is immediately reflecting the decision. At one point following the failure of the bill to pass, the DOW fell nearly 685 points, which is the largest drop in its history and nearly halfway to the point that all trading would cease. Around the world, markets slumped as investors worried about the decision that the U.S. Congress would make.Wall Street does not deserve to be bailed out. Unfortunately, that comes at the expense of financial stability for the American people. For over 60 years, the economy has been riding on the prosperity and lessons learned from the Great Depression. In recent years, the practices on both Wall Street and in Washington have ignored these lessons. Government spending is at an all time high, putting the U.S. into enormous amounts of debt. This bailout would dramatically increase this debt simply because congressmen and women are afraid to raise taxes on an American public so opposed to the plan.The United States is now paying for its actions over the last decade, and it’s bringing down the rest of the flat world with it. We’re in for a rough road ahead. Welcome to the new depression.