It's a good analysis, however, I think that Shilling spent a lot of time underscoring the current issues (which have already been well spelled out and known, and not enough time, on the potential effects of fiscal and monetary polices.
1) One major difference between this recession and the Great Depression is that Hoover waited a good three years before he began to inject any money into the system and stop the bank runs. His Reconstruction Corporation hardly put anything into the system, and money really didn't start flowing until Roosevelt came into office. Hoover, was essentially the some do-nothing Republican as Bush, but unfortunately had three years to mess things up even more, leading to the second stock market crash in 1932.
2) The effects of massive fiscal stimulation is not known, since it has never really be tested. Hopefully, Obama is able to muster the necessary public support for injecting money into the system. Yes, there are those on Conservative Radio and Republican Minority that are encouraging the failure of our major industries, further exasperating the problem as Hoover's policies did, but it appears that Democrats together with some moderate Republicans can get things going quickly.
Schilling has been right on throughout the last couple of years (he has been forecasting this recession for many years), however, he has his reputation on the line, that President Obama has wrong ideas that will fail. His alternative, is what is spelled out in his article. I think I would rooting for Obama.
