Liz Smith was on CNN’s "American Morning" on Thursday talking about her New York Post departure when she said she, too, is an example of someone affected in this trembling economy. She even goes on to call this financial climate, which economists have labeled a "recession," the "second big Depression."

Her statement came after CNN host John Roberts read a letter written by Col Allan, editor-in-chief of the Post. The letter read:

I am sorry to be the bearer of bad tidings, but I must inform you the New York [P]ost will not renew your contract when it expires at the end of this month … Like so many other newspapers around the country, we are buffeted by unprecedented economic gales.

Roberts then said: "You’re in a position that so many find themselves in … We just got the jobless claims from last week in: More than 600,000 people are out there on the unemployment line. It’s tough times."

Liz, 86 — who has more experience than most who are suffering through this current "recession" — smiled and said:

I’m just part of the great American experiment and second big Depression. I already lived through the first one. [Laughing] I was a child in the ’30s. So I’m prepared for this. 

Indeed, the Grande Dame of Dish has grand plans now that she’s been let loose from her Post column. Our darling Liz has her wowOwow.com website. As wOwers may already know, Liz co-founded wowOwow.com with Joni Evans, Lesley Stahl, Mary Wells and Peggy Noonan. Click here to read more about wowOwow.com. Click here to receive instant e-mail alerts the moment Liz Smith posts! Plus, Liz will be writing her five-days-a-week column for her syndicated TMS newspapers as well as Daily Variety. Her daily column will also appear on The Drudge Report.

Liz will also be a contributing writer for Parade Magazine and reveals on CNN that her interview with stage sensation Liza Minnelli is the cover story in Sunday’s Parade. Visit wowOwow.com on Friday for a sneak peek and extra additions to the interview that didn’t make it into the magazine! Click the play button below to watch a clip from Liz’s Thursday CNN appearance: