Are we depressed yet?

A grisly banner was held aloft the other day at a demonstration on Wall Street. Its graphic message advised denizens of the street to "Jump!" It was a frightful reminder of perhaps the most widely believed legend about the Great Depression of the 1930s; that the sudden collapse of the economy filled the sky with the falling bodies of suicidal stockbrokers. As a matter of fact, there were very few such suicides. But the myth captured a deeper truth. Except for the Civil War, no event in American history proved more traumatic. It left scars that are with us today.

By Steve Fraser

October 7, 2008