Recession?

Is the public today getting the "depression mentality" that people growing up in the 1930s had? That generation has been tight on money because the Great Depression scared the hell out of them. If that happens with this slowdown, it could be a LONG time before things are really fixed, and the damage may already be done.

Update December 2: On December 1, 2008, it was announced that we are officially in a Recession, and have been for 12 months. Go figure.