It’s no more than that. Just hysterical talk. Political talk, mainly. As VDH points out:
"Over 92% of Americans are still at work. Over 90% are still servicing their mortgage debts each month. For these, the ‘depression’ so far doesn’t mean a radical need to reinvent America. They plan to stay in their homes, even if they have negative equity in them; again, loss of equity doesn’t mean catastrophe if they don’t have to sell quickly, refinance, or remodel."
Even the 401K debacle isn’t critical for many. Mine has fallen only about twenty percent. Hardly depressive.