Well I would assume we are in a true depression. I can only say this because the muckity-mucks have finally admitted that we are in a recession. Since it has been 70 odd years since the "great depression", there is really nothing in living history for us to compare it to to judge our level of despair.The problem I see with it this time around, is it is self-perpetuating. There is so much negative media coverage, that the populus is in a constant state of panic. The more we are told how bad things are, the less likely we are to make a major purchase to boost the economy. In the 1930's I am sure there was bad news, but not like today where it is blasted at you from every directio. I don't know which is worse, the endless barrage, or living in the 30's and just "not knowing".
You hear every day that we have not seen the worst of it yet, and we haven't hit bottom. I have heard it called "The Greatest Depression". I just wonder when we look back 20 years from now, what we will see...

My heart goes out to the folks with no power. An icy winter blast hit the midwest Friday December 19th covering everything (near me) with more than a 1/4 inch of ice. Trees are down everywhere and some neighborhoods look like a tornado went through. Downed limbs have hit power lines and knocked out power to thousands including me. Luckily we were back with service in one day, but there are still thousands with no power. Now with a sub-zero blast on the way, people are in danger of frozen pipes bursting. Also there was not a warming trend after the ice storm to melt the ice off of the limbs. So now with expected winds of 15-20 mph, the people with restored power (like me) are watching the ice covered limbs and praying.