The only reason this major recession didn't turn into the great depression II is because we have credit (massive unlimited debt) to keep people buying. You have no idea what it could have turned out like if people didn't have a credit card to max out and years of unemployment checks. Of course you cannot default on credit cards anymore, states have adjusted their unemployment setups to payout less and for shorter periods, and banks have tightened up credit lending and credit limits for the masses (even when the get free money from the fed). The next bubble to pop will be much harder to live through considering it takes a decade for broke people to get back on their feet (if ever) and the things they relied during times of trouble have been greatly reduced.