For the last five years our nation has been dealing with the collapse of the economy brought on by the bursting of the housing bubble and the banking systems caused by too many unrecoverable bad loans. The Democrats were swept into office by these events, just as they were in 1932.
I think Milton Friedman has it right in his analysis on why the great depression was so deep, and went on so long. The video dates back to the 1970s, when we had rampant inflation, but his comments on the failure of government to recover the economy are appropriate. For those who believe a bigger more intrusive government can solve the problems -- I recommend this for your consideration.