I agree, we could see the same thing again, but the average person today will not survive. They are weak and dependant.
The term Great Depression was coined because up until that time all downturns in the economy were called Depressions. So after the recovery they didn't want people to over-react every time there was slow down, so they came up with the term Recession and to differentiate, it became the Great Depression.
Most of the youth blame capitalism because that is what they were taught in school. The problem was not unregulated capitalism or a lack of knowledge in economics. It was precisely the opposite. The Fed. bankers knew exactly what they were doing, eliminating the competition and creating chaos and dependence.
The Fed was a major contributor by a loose monetary policy in the 20's creating an artificial boom and then in 1928 they began to tighten the money supply which caused a downturn and the recession started in Aug. 1929. That is very similar to today's Fed policy, they held rates low for several years and began to tighten it last year and now they have loosened it again. This time they are not just bailing out banks they are bailing out brokerage firms, which are FDIC, at taxpayer expense.
FDR's policy, when he took over only exacerbated the problem which had been recovering. He had raised taxes 3 times higher by 1939 which took capitol out of the market. The increased and ever changing regulation on businesses kept people from investing in an insecure environment. We are now looking at a Democrat controlled Congress that promises to raise taxes by letting the breaks expire starting next year. They are also promising new and greater spending from the government which takes money away from the people and market and puts it into the hands of an inefficient bureaucracy.
This time it might be worse because of the percentage of Americans in debt is much greater than in the 1930's. Our national debt is also much greater and with the threat of OPEC dumping the dollar, there will be no reason for countries to hold our dollar (buy our debt). We have already been experiencing major inflation with our currency counter to what the "official" inflation rate states. There are already places in Europe that will no longer accept dollars as payment.
Only time will tell.
My family and I will survive (God Willing) because we have prepared. We are debt free including our home. We started stocking up on long term food stocks last year. We are growing fresh veggies for canning and took out most of our savings last years bought Canadian gold and some silver. I live in rural Texas, we have enough guns for everybody and we know how to use them. ;)