Reversal Time? – a good compendium of market commentaries from Financial Armageddon.
In particular, the following excerpt from the Big Picture discussion is worth noting:
James Grant of Grant’s Interest Rate Observer calculates that the total fiscal and monetary intervention during the Great Depression (September 1929 to July 1933) was equal to 8.3% of GDP. That was enough to pay for the indelible images in our memories of WPA work camps, FDIC insurance to stop bank runs and government-run soup lines. During the Great Recession (December 2007 to June 2009) government intervention was 29.9% of GDP – three times larger than the stimulus seen during the Great Depression when taken as a percentage of GDP.