Martin Wolf in the FT this morning summarizes work on the comparison of the 1930s and the present: "The recession tracks the Great Depression" <http://www.ft.com/cms/s/0/b31c06a2-5a7a-11de-8c14-00144feabdc0.html>.
"The question is whether today’s unprecedented stimulus will offset the effect of financial collapse and unprecedented accumulations of private sector debt in the US and elsewhere. If the former wins, we will soon see a positive deviation from the path of the Great Depression. If the latter wins, we will not."
Is that right? --CGE