What depression does
I wasn't alive during the great depression but witnessed close up the depression of the 80s " Ag depression that is." My dad was a young man during the great depression. He loved Franklin Roosevelt and Harry truman amd most of it was the result of President Hoovers incompetence. The righties were the same as they are now.
MY grand mother lost her husband in 1911. He was digging a fruit celler and it caved in on him. He actually died of lockjaw or tetnus. She was left with three preteen youngsters and plenty of debt She was able to hang on to the land. Thanks to federal land bank. She died in the early thirties and left the land to the three children, Unfortunately the land was only worth $100 per acre and she owed more than that.
What is significant about that era that it killed belief in capitalism. Like in the 80's a lot of farmers became depressed and were uncomfortable with risk or debt. MY dad bought a 120 acres in 1956 and sold it a week later because he could not tolerate the debt. Never again to buy a piece of land. I had friends during the 80's the became demoralized and that mostly killed their adventurist spirit. Not that they couldn't invest in the future but their own fear prohibited it.
It's kind of funny now that the boys laud and applaud Donald Trump that has a history of walking away for debt and yet the curse they poor chaps that had to do the same thing during the 1980's. When your banker calls a loan and you don't have another source of capital you are pretty much screwed.