Experts will probably debate their definition of terms as to whether or not our current economic situation is actually another Great Depression for many years to come. Some may be more willing to use that particular label a little later, after we have come out the other side, feel safer and are not in danger of undermining the level of societal confidence even further.

To me, it's not so much what one calls something, but rather what effect something has.
Prior to this, before our current downturn, thoughts of the Great Depression were often linked to parents or grandparents who went through that period and how they were forever changed by it. Most became very thrifty and hardworking, even if they had not necessarily been that way before. Even after good times returned, which came with a world war and was not so good for those most closely and directly involved, when things did eventually get better, many were still wary. They were careful about all that they did. They did not waste their money on extravagance.


Our own "Roaring Twenties" were marked by more and more luxury items becoming available. We spent freely, because many of us were doing better than we ever had. Larger homes, bigger cars or SUVs, and second homes or at least time shares became common. There was a lot of discretionary spending. Why hold back on anything? There was a lot of money to be made. It was fast and easy. Even our government began to move toward not only encouraging, but compelling us to get into the market and forget about social security. Making a quick buck was what was important. buy low, sell high. Quality was still available, but at a premium price. Customer loyalty was old fashioned notion. Old time, small business couldn't compete with mega-stores, and closed their doors. Start up entrepreneurs dreamed of being bought out by larger firms. But the bubble did burst and most people were forced to wake up.

A lot of us are rethinking everything. And that may be our best hope for a brighter future, but still there are those who would like assist us in racing to the bottom if they can make a profits for themselves while doing so, even if it means that many others will ultimately suffer. I may be wrong, but it seems that the leaders of many those large businesses which have managed to thus far weathered the storm don't realize how much things have changed.

Discretionary spending, both minor and on a larger scale has diminished. That won't really come back. Yes, almost all of us do still like treating ourselves to little rewards and getting things for those we love, and spending more on special occassions, but not nearly as much as before. We are really prioritizing, and not buying everything we see. Those firms which are able to understand this and adapt to these changes will survive. Those which can not will wither away and take their place with the other relics of the past and remain only as memories of the good old days. Sustainability on a personal level and on world wide scale, has become a very real issue and is now a matter of survival.