We are in a Depression

The phenomenon was caused by severe drought coupled with decades of extensive farming without crop rotation or other techniques to prevent erosion.[1] Deep plowing of the virgin topsoil of the Great Plains had killed the natural grasses that normally kept the soil in place and trapped moisture even during periods of drought and high winds.

 

During the drought of the 1930s, with no natural anchors to keep the soil in place, it dried, turned to dust, and blew away eastward and southward in large dark clouds. At times the clouds blackened the sky reaching all the way to East Coast cities such as New York and Washington, D.C. Much of the soil ended up deposited in the Atlantic Ocean.

When you mention the cause of the Great Depression, what do you think is the cause for this one? I think it is deeper than just the housing crisis. I think the loss of manufacturing has eroded the middle class income and we have baby boomers set to retire. The housing crisis might just be an acute symptom of the real underlying problem that cannot be solved by just passing more regulation and firing a few CEO's.