Great Depression 2.0?

Nobel laureate, Joseph Stiglitz may believe that India's well placed to take on Round 2 of recession, but right from the day of 'subprime mortgage crisis', I have always felt that this IS depression. I did not live during Great Depression in 1930s, but quite sure that world was not a small place then as it is now. I earn my butter (unfortunately?) only because of globalization, but the spread of 'growth' in the name of industrialization has only created 'exclusivity' of different kinds.

The inevitable collapse of the dollar did say that to perk up economy in the US, rest of the world has to start consuming. These nations have been living far below than what they could actually live with. The bank runs that have been happening in US are not happening in India exactly because of this. It is not to say that India has been conservative but banks in India knew what they were doing and DID ONLY THAT. Though there was a short period of time when 'private banks' like ICICI and HDFC almost gave loans for free (my home loan is entirely free) in the sense that they believed that I will repay (that I have been repaying regularly is another issue). Loan was granted when I was working in Texas Instruments, but I dont think they know where/if I worked 5 months after getting the loan or even where/if I work currently. IT domain was given 'collateralized debt obligation' then, I guess :)) In India, maybe we dont like to default on loans and would like pay it diligently/sincerely to have some respect in the society. Society/family is far more important, STILL :((

In India, probably the older 'castes' are becoming insignificant as a new 'digital divide' is playing far more crucial role. There is no point in being happy that India is better off than other nations in this 'recession'. That is another point because recession is 'perceived' milder compared to depression. Just like that Richard Dawkins talk on using 'agnostic' instead of 'atheist' is perceived 'well' in some sections of the society. How well people behaved during the Great Depression might also be a point of concern. I think people have become more single minded for sure atleast in countries like India. The distribution of 'discomfort/pain' is good globally but brutal locally. Of course, hope-peddlers will always give the tinkerbell principle

you can fly, but only if you believe you can fly

I am a cynic, you see :(