Let's take a look at the historical time line of the “Great Depression”.
The first major event was the stock market crash of 1929 when there was “a major correction” to the market. Millions were lost and the biggest losers were the small investors who had invested their life savings trying to break into the upper class.
The final major event happened in 1932 when there was a run on the banks and unemployment went through the roof.
Why this history lesson?
Well, lets take a look at the last 4 years.
Notice any similarities in the time line, sequence of events, and who got hurt the most?
The human animal has advanced exactly zero in the last 70 to 80 years. Our actions and reactions to the financial environmental changes aren't that different from our grandparents/great grandparents. The laws that were enacted to prevent a replay of the “Great Depression of 1932” have been ignored/by passed with much the same results.
My bottom line is the “Great Depression of 2012/2013”’s final act will begin in Europe (like 1932) and quickly spread through out the rest of the world (like 1932) and will take a long time to recover. Hopefully the “Great Depression of 2012/2013” will not recover like the “Great Depression of 1932” with the rise of extreme nationalism and a world wide war.
Having said that, remember we as a society and overall, aren't that different than our grandparents and great grandparents.
“Having said that, remember we as a society and overall, aren’t that different than our grandparents and great grandparents.”
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Actually we are different. In most ways that really matter we are less educated, more gullible and have a MUCH shorter attention span. I would say they were our betters in more ways than we are their betters.