All kidding aside, I don't think the Great Depression, Pt. Deux will be upon us. This excellent article in Kiplinger makes very good points why things are different now than they were in the 1930's including:
- There were no safetyguards like the FDIC and Social Security back then;
- The Federal Reserve contracted the money supply after the market crash back then. Now it is pulling out all stops to get credit flowing;
- No Smoot-Hawley tariffs this time around;
- People own more stocks now (e.g. 401k) than in the 1930's, etc. etc.
At this point, I guess I can only worry about what I can control, which is my personal finances - reduce debt, increase savings and blog about my efforts. :-D