I mentioned this September 18 Brad DeLong post several weeks ago:
Is 2008 Our 1929?
No. It is not. The most important reason it is not is that Bernanke and Paulson are both focused like laser beams on not making the same mistakes as were made in 1929.
They are also focused, but not quite as much, on not making the mistakes made by Arthur Burns in the 1970s.
And they are also focused, but not quite as much, on not making the mistakes the Bank of Japan made in the 1990s.
They want to make their own, original, mistakes...
James Hamilton – a future Nobel prize medium-lister who blogs at EconBrowser - has some more comments about those mistakes.