The key difference between the 1930s and 2007-2009 was how the Fed has reacted to the crisis. In the ‘30s, the Fed more or less let the banking system collapse, allowed the money supply to collapse and allowed the price level to fall. You had tremendous deflation, and that contributed to the contraction of the whole economy. In the 2007-2009episode, very early—starting in August 2007—the Fed started taking a series of steps to try to contain the crisis to the financial system and prevent it from affecting the whole economy. That was only partly successful. The economy is slowed down, no doubt about that, but the key difference between 2007-2009 and the ‘30s was the numerous actions taken by the Fed to try to keep markets liquid and to keep the banking system from collapsing in order to keep the whole financial system from collapsing. It wasn’t just the Fed, but steps taken by the Treasury Department. There was a lot more done to try to contain the crisis and minimize the damage.