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American consumers have no recollection of life in the Great Depression. Not only are most simply too young to remember it, but for the last quarter century they’ve lived without extended economic hardship, becoming ever more acquisitive in a world of instant gratification and easy credit. No one knows how long or severe the current downturn will be.

The circumstances of this recession are unprecedented in the history of modern consumerism: For a generation that has substituted rising home equity and stock prices for personal savings, the current economic meltdown — with the value of the Dow Jones Industrial Index plunging 40 percent from its peak and $4 trillion lost in home equity — has been psychologically wrenching after a quarter century of unquestioned prosperity.

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