Mr. Schiller writes, "Mr. Obama's analogies to the Great Depression are not only historically inaccurate, they're also dangerous. Repeated warnings from the White House about a coming economic apocalypse aren't likely to raise consumer and investor expectations for the future. In fact, they have contributed to the continuing decline in consumer confidence that is restraining a spending pickup. Beyond that, fearmongering can trigger a political stampede to embrace a "recovery" package that delivers a lot less than it promises. A more cool-headed assessment of the economy's woes might produce better policies."
Bradley Schiller Says Barack Obama Should Stop Comparing Our Financial Crisis With the Great Depression - WSJ.com
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Is depression here or not? not very clear. But if you look at the past history recessions and depressions come and go. Economies go through cycles and recession is part of the cycle. I read the history of cycles at http://www.recessioninfocenter.com
so if you tighten up during recession it makes sense
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