I have been a fan of Charles Schwab & Co. for many years and use many of their financial products and services.  I thought this was a worthwhile bit of content to share and it is available on the public portion of their site. 

Their point of view – doomsday fears are overblown.

Have you stopped to think a moment about all the writers, analysts, pundits, journalists, etc. who so liberally use the word "depression" these days with such apparent expertise are the same ones who said nothing leading up to the current gyrations?  They don't know any more than you or I (and in some cases less) and are chasing ratings/subscribers/viewers.  The more dire the diagnosis, the more you tune in.  Take it with a grain of salt.

Read the whole thing from Schwab as it does a nice job comparing and contrasting where we were then vs. where we are now and calls out the following points as reasons to believe:

1.  'Jobless recovery' (from previous decline period means fewer reductions this time around)
2.  Fiscal policy (government focused on stimulus)
3.  Globalization (no protectionist mindset)
4.  The FDIC (it exists this time around)
5.  Money supply (Fed adding liquidity this time around)
6.  Housing near bottom (not there yet but falling less)
7.  Emergency Economic Stabilization Act (US Treasury steps in as a buyer)

No doubt, this is going to continue to be ugly for a while and the new sport of calling the bottom of the market decline needs to be replaced by nausea and vomiting before we really get there.  My view is positive in the long-term based on belief in the US and US economy.  I can't think any other way.