George Santayana, a Spanish poet and philosopher, said: “Those who do not learn history are condemned to repeat it. » This quote applies to the Great Depression of 1929 and the Great Recession of 2008. There are many similarities between the two, such as the causes, actual events, and their consequences. Several factors led to the Great Depression, which were: overproduction in business and agriculture, unequal distribution of wealth, Americans buying less, and finally, the stock market crash of 1929. The Great Recession was also caused by similar factors, such as the bursting of the housing “bubble” and the decline in consumer spending. In both cases, the presidents enacted programs they believed would help the American people. By the early 1920s, overproduction was affecting American farmers. New agricultural methods led to higher food production; however, they were in competition with farmers from other countries. For this reason, a global surplus of agricultural products has led to falling profits and prices. Many farmers could not make money from their crops and therefore could not repay their bank loans either. This weakened the banks and forced them to close. Additionally, American factories produced most of the world's goods. Big profits were being made, but the distribution of wealth was unequal, making the rich get richer and the poor get poorer. The richest percent of the population received thirty-three percent of all personal income. The middle class did not exist. About forty percent of the American population was never affected by the Great Depression because they had money. Since most families had no money to buy goods, merchants had to reduce their orders to factories. Because of this, factories had to lay off workers and lessen...... middle of paper...... the effects of the recession. Many people still believe that we are in a recession today. They are still feeling the effects because they have upside down mortgages, are unemployed and rely on the government to survive. In conclusion, the Great Depression and the Great Recession were very similar. Their causes both included an unequal distribution of wealth and a decline in consumer spending. They were very similar because they were both global depressions. Banks have failed all over the world. Their consequences were also similar, as they both had to pay higher taxes and unemployment rates increased. In both cases, high unemployment rates were the primary outcome that affected the American people. Future politicians will need to study their history. Knowing our history is important. We must learn from this so as not to repeat our mistakes.