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​This is the worst financial crisis since the 1930s. However, the financial crisis of the 1930s was very different from the financial crisis that we have now. The crisis of the '30s was obviously punctuated by the stock market crash, but the real damage was done by the wipeout of the banking system. Lots of small banks got wiped out. In that era, they didn’t have branch banking. If your local banker was gone, there was no source of funds in the local community. That was a severe impediment to the financial system. Also, there was no deposit insurance in those days, so people lost serious money when a bank failed. The financial crisis was really focused on the collapse of the banking system and the shrinkage of the money supply. The current financial crisis is centered in the whole subprime mortgage lending arena and has come about through the collapse of house prices and so many mortgage securities not paying their contracted amounts. The problem has been centered more outside the commercial banking system and more in this kind of shadow banking area—the investment banks, the securities firms, the mortgage brokers and so forth.

Currently, America’s has a fiscal situation. Which is showing how bad our economy truly is. Luckily, the stock market is doing well, the real problem is unemployment. Our unemployment is just as bad as it was during the Great Depression. Or at least around the same. If we don’t fix this problem, America’s economy “is predominantly driven by consumer spending, which accounts for approximately 70 percent of all economic growth.” Therefore, we will sink, driving us into another depression. (No job=No money)