I hate when the 30's are compared to now. While both periods followed ridiculous amounts of leverage in the markets which has since collapsed, today we the benefits of looking back at that period to see what works and what didn't. Moreover we have unemployment insurance, welfare, the internet, as well as the majority of people's retirements tied up in stocks via 401k's. What we need to worry about and is not "the correction" but the mistakes that follow. That the great depression happened wasn't the problem, rather it was the misteps that kept us in that state. The real question is whether we will make similar mistakes. I'm not sure, but the only thing that seems to be holding up in our economy is healthcare and we may be throwing that baby out with the bathwater. We may compound these mistakes with entitlements that erode the urgency to do anything. Finally, Obama is a god to many liberals and whether hubris and misteps compounds this situation, remains to be seen. Thus the question isn't how lost we are but what we will do to get "found." Ultimately, I see Obama as a repudiation of the Reagan "ownership" society theme where entitlements and raised taxes will take a life of their own. Worse, Obama can't can't shoot straight pool. Example, instead of cash for clunkers, why not rebates for everyone? Instead of Cap and trade, why not a gas tax with revenues paying for healthcare? Instead of supporting foreign oil, why not use US natural gas instead of giving money to foreign countries. Finally, we need to see if Obama will be as weak as Carter with forign policy.

Pepe,
Very good.
It might be interesting to see what the statistics are using the 1930s statistics (ballpark within .5%)?
I have seen a comparison:
"A Tale of Two Depressions
Barry Eichengreen Kevin H. O'Rourke
1 September 2009" but am always cautious about statistics.
Their analysis only shows a recent upswing in production, which in my mind is due to stimulus. But demand and World trade are still falling worse than the 1930s.
Call it the "Great Recession" and the "1930s Downturn" comparison, but I still wish to know the real statistics.

Don't people know sugar is bad for them? Hope for the best, but prepare for the worst.

i go with position # 2 !!

yea, you can call it what you want to, if it makes you feel better, but it doesn't change things -

sure, i want things to be better, but let's let them really be better, then still be better the day after the headline's passed and forgotten -

love these heckle and jeckle, jeckll and hyde super shorts!

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