This acronym stands for "Great Depression #2." It's shorthand for the seemingly imminent collapse of the global economic system starting in late 2008 and continuing into 2009. Some professional economists, as well as ordinary working people, are fearful that the spiralling financial meltdown will lead to a decade-long repeat of the 1930s, complete with bread lines, soup kitchens, radical uprisings and the possibility of global violence. "Happy times are here again!"
"The collapse of AIG is just one more sign that GD2 is here, my friends."