John I agree with some of what you say however what makes you think we aren't in a depression now.
When we look at unemployment stats, you must remember that the statistics do not include those whose benefits have run out.
I would imagine the rate is significantly higher than posted.

As I look around my town I see more and more small businesses closing or in some cases merging with others to save operating costs and remain afloat.
Large employers continue to cut back by eliminating jobs Wal-Mart being the latest
I personally don't see any sign of things getting better anytime soon

It wouldn't surprise me if the next bail out will be commercial real estate

On a side note, did you notice that Ford made a profit last year and what I think was a pretty hefty one.
They were the only ones that DIDN'T take government money
What does that tell you?
To me, that hints of poor management or poor product quality or a host of other reasons at GM and Chrysler.
Do you think the American people should bear the burden of companies that can't run their own businesses?