A new Great Depression?

The great depression of the 1930's had a profound effect on the USA for decades to come. Many people have first hand knowledge of what real poverty (homelessness, hunger) feel like. Because of those experiences our grandparents were VERY cautious with their money and savings.

What I'd like to know from you all is;

1. How bad do you think the current US economic crisis is and how bad do you think it could get?

2. Do you think the recession will change Americans much in terms of how they work, save, and spend money? I mean, it seems like the past couple of decades have been one of great excess where people were maxing out credit cards and taking out double mortgages on their homes to pay them off or buy junk they dont need.

What do you all think?
 
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