The Great Depression began in 1929, and did not end until 1941. It was caused by, two key factors. The first being, that European Countries were in debt from World War One. And tariffs were set so high, that Americans could not afford to buy foreign goods. The second being, that America had over produced. By 1930 there were more goods produced, than Americans could buy.

Many consider October 29, 1929 to be the day the Great Depression started. That day is referred to as, Black Tuesday. It is the day the Stock Market crashed. The Great Depression, is still considered to be the greatest economic turn down in U.S. history. It lasted longer than any other economic turn down, to date.

During the Great Depression, the economy was utterly obliterated. The GNP fell from $104 Billion in 1929 to $58 Billion by 1932. Stocks fell from an average $375 per share in 1929 to $75 per share by 1932. Much like today, many Americans bought goods on credit. When they lost their jobs, they defaulted on their loans. In fact, so many defaulted on their loans that banks all over the nation went bankrupt. Many citizens lost their savings due to these bank closures. 25% of all Americans were unemployed. Unemployment had never reached this height, nor has it since.

By 1932 the suicide rate had increased by 3%. Those who lost their jobs fell to despair, as they were unable to find work anywhere. Some cities had to layoff their Fireman, Police and Teachers. Nearly a 1/4% of Americas citizens were homeless. Breadlines and Encampments were popping up all over the country. These were truly desperate times for all Americans.

In 2008, fifteen Financial Institutions failed. Many more would have, if not for the Government stepping in. On October 11, 2008, the International Monetary Fund warned, that the Global Economy was about to experience an economic meltdown. Dubbed the Crash of 2008, by the London Times, the stock market fell 21% the week of October 6, 2008. Causing most countries to halt trading. By October 24, 2008, most of the worlds markets had experienced the worst drop in stock prices in their history.

United States home foreclosures are on the rise. Some states are reporting that one in every 440 homes are in foreclosure. By the end of March, many experts agree that home foreclosures will increase by 30% over last year's numbers. Over 200,000 residents received foreclosure notices in February of 2009, alone. Despite the fact that President Obama announced a $275 Billion Housing Stimulus Plan, those in the housing market are weary, due to falling home prices and the dismal employment conditions.

The number of unemployed Americans, grew by 851,000 bringing the total number of unemployed in the United States to a grand total of 12.5 million by the end of February, 2009. The current unemployment rate in the United States is 8.1%. Manufacturing remains the hardest hit industry.

The United States current GDP is $14,218 Billion. As of March 13, 2009 the GDP was down 6.40%.

According to an article by, http://knowledge.wharton.upenn.edu, the collapse of the United States economy is very different than the rest of the world, mainly due to the fact that it began with the Financial Institutions, and then spread out to the rest of the economy. Many experts agree, that the forecast for 2009 will continue to be negative, as many companies struggle to find signs of recovery. Most believe that unemployment will continue to rise, and the economy will remain weak. This trend will likely continue, until Americans stop fearing the loss of their jobs and homes.

According to much of my research, the Great Depression and the Great Recession have many similarities. Admittedly, I am no expert on financial matters. However, as I see it, it is way to early, to answer whether or not they are the same. My thoughts are, that while we may experience some of the same ailments as our Great Grandparents, we will not experience the same out come.

Many hard lessons came out of the Great Depression. In the end as a society, I believe that generation came out for the better. Many economic changes were made after the Great Depression. However, I do not believe that today's society will come out smelling like a rose. Our Recession has not come upon us because of Financial Ignorance. It has been because of the constant greed of corporate hogs and politicians, that we are in this situation. Our world is far more complicated financially than that of the 1930's. We are all inter-connected Globally now, and we face an abundance of perils our Grandparents never even dreamed of.

The economy is only one of the many difficulties this world faces. When you combine the Recession with the threat of Terrorism, The Oil Crisis and Global Warming, things seem far worse for us than it did for those who lived through the Great Depression. Today we seem to be literally falling apart on a Global Level never seen before. We have depleted the World's resources so much that many of us do not know whether there will be anything left for our Grandchildren.

While things are bleak, I try to remember that it is always darkest before the dawn. Throughout the history of mankind, somehow, someway we have always come through in the end. I would like to think that there is a Rainbow on the horizon. But there may not be this time.