One characteristic of the Great Depression was that property ownership was de-concentrated. In other words, the percentage of property held by the top economic tier of the population was reduced, and the percentage of property held by the lower economic tiers was increased.
The current depression -- and I would insist that this *is* a depression -- is different. Property ownership has become more concentrated.
I am feeling that this is likely due to the fact that three large investment banks were bailed out right at the start. People thought that this would prevent a depression, but it really hasn't. What has happened is that it has allowed the stock market to recover without the job market recovering.
I wonder whether we might have a broader recovery if the banks had been allowed to fail.
What do you think?
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