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we survived the last depression ok...I would even argue that it produced a very fine generation of people. There will indeed be some temporary (10-12 years) pain, but in the long view, we will have shaken off a lot of dead weight. (inefficient businesses, bad debts, etc)

We were in much better shape during to survive during the last depression: infinitely more self sufficient as a country and as a people. We still produced most of what we consumed at home, and our morals and culture were much more intact.

Germany, Italy and Japan reacted to the Great Depression by putting fascist dictatorships in power, and USA came darn close to fascism under the New Deal.

... ... Germany, Italy and Japan reacted to the Great Depression by putting fascist dictatorships in power, and USA came darn close to fascism under the New Deal.

Good point. Considering that capitalism has already pretty much morphed to corporatism, we are again frighteningly close to the final step to either fascism or a fascist dictatorship. There are times when I think its already a done deal,just the name hasn't changed.