The country did not collapse into a 1930s-like depression.

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It was widely expected the 2001 recession would plunge further into another Great Depression, and the Dow would collapse to 1, 000.

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Greece leaving the eurozone and adopting its own currency would be associated with default in its government debt, a collapse of the Greek banking system, and would probably tip the Greek economy into depression.

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Our entire auto industry was on the verge of collapse and, all told, the prospects of us going into a full-blown depression were very real.

WHITEHOUSE: President Obama Speaks at National Governors Association Meeting | The White House

Finally, a strong middle class can only exist in an economy where everyone plays by the same rules, from Wall Street to Main Street. (Applause.) As infuriating as it was for all of us, we rescued our major banks from collapse, not only because a full-blown financial meltdown would have sent us into a second Depression, but because we need a strong, healthy financial sector in this country.

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