Teetering on the brink of a great depression

The American government, in particulary, by early December 2008 was terrified that they were at the beginning of what would become another great depression. Like Roosevelt in the 1930's, the government was frantically acting to prevent a deep collapse. Looking back at the schemes offered by Roosevelt, we can imagine the total panic that the president and his government felt at their situation. The world economy, in December 2008 was in no way in as much trouble as the economy was in 1933. There seemed to still be time to prevent a depression.