OTHER BLOGGERS HAVE DONE A FINE JOB of giving the overview of societal and economic differences between the Market Crash of 1929, the Great Depression and the Recession of 2008 which I believe started in late 2005 or early 2006.

Here are some general thoughts:

It was 1932-33 that saw the depths of the Depression, not 1929. There seem to be more leading indicators showing a slow improvement in housing starts, re-sales, refinancing, and even the unfreezing of mortgage money by mid 2009. I see no indication of another five or six years (equivalent of 1933-39) of declining US personal and national wealth.

Things are cyclical and even multi Trillion Dollar national debt can be erased not by skillful leadership but by a combination of events many of which are external to the USA, thus: a Clinton era surplus. A change in tax stgructure, oil prices, commodity costs, trade patterns, recession in China, refinancing of personal and corporate debt, and investments attracted to a new Administration in Washington could all turn things around rather quickly.

Sky rocketing inflation of the 1920s which turned to de-flation in the 1930s, is perhaps more healthy today in the form of what some call "dis-inflation." Prices might rise but at a slower pace than average, or even stay at flat levels (stag-flation) for periods. My thought here is that adjusted for inflation there are a number of things we Americans take for granted that per capital are probably actually cheaper or at least 'more affordable' today than to the family of 1933. Telephone calls, utility bills, travel to distant locals, and even home entertainment are still cheap. Foreigners marvel at American supermarkets and how "cheap" foods are in the United States. Okay, forget the gourmet brands, but at a Costco or Sam's, and buying sales and generic, most families still manage.

Finally although the gap between richest and poorest in my opinion is expanding, the gap between "middle income" and everything else has also expanded. Unemployment is high but any woman who wants a job can find one. This was not the case in 1933. Luxuries and waste have expanded but so have family income and earning opportunities.

Recession? Probably.

A 1930s style Depression, I don't believe so.