I'm just old enough to remember the Great Depression. After the first few years, by the mid-1930s -- although the situation was objectively much harsher than it is today -- nevertheless, the spirit was quite different. There was a sense that 'we're gonna get out of it,' even among unemployed people, including a lot of my relatives, a sense that 'it will get better.' ... It's quite different now. For many people in the United States, there's a kind of pervasive sense of hopelessness, sometimes despair. I think it's quite new in American history. And it has an objective basis.
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