Many people seem to live their whole lives in happy-land: Indebted to the gills and paying monthly notes. I believe a large number of the boomers do that and cover the debts by spending what their parents carefully saved for them. Boomer parents remember the depression and live in fear of it. Boomers recognize their parents' fear but don't think it could happen again -- the politicians will protect us making it illegal to have a depression.

Gen-Xer's are one step further removed. They may or may not have heard of this abstract event called the great depression. If it happened again they might lose their jetskis or forego a ****it vacation.