Hysteria,

The saftey nets I was referring to are all social. I don't think we'll witness as great pure poverty as in the Great Depression. We have better social security, medicare... all that.

However, I entirely agree with everything you say. Not being on the gold standard should cause this to become a hyperinflationary RECESSION though... there's no such thing as a depression except when you get really bummed out because the recession lasts for ten years.

Yes, this could be worse than the recession of the 30's in so many ways, especially as it spirals once the boomers start piling into nursing homes with their savings wiped out and pensions bust.