One of the most important things about the Great Depression was not how bad it was, but how long it lasted. The downturn itself was 10 years long, but the impact it had on how people lived lingered for decades. Well after the Depression ended, households shunned debt, loved saving, and were wary of risk -- a mentality that lasted until the 1980s, when those who lived through the Depression retired.
It's still too early to tell how the recent recession has altered how we manage our finances, but the early indicators give us some clue: Unlike after the Great Depression, not much has changed.
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