A serious depression had begun during Grant's second term.

VOA: special.2010.03.04

In November,11,000 jobs were lost. Mr.Obama says his $787 billion stimulus plan prevented a possible collapse of the financial system or a potential second Great Depression.

VOA: standard.2009.12.06

Experts from across the political spectrum warned that if we did not act, we might face a second depression.

WHITEHOUSE: The 2010 State of the Union Address

One year later, it is largely thanks to the Recovery Act that a second depression is no longer a possibility.

WHITEHOUSE: The Recovery Act �C Year One

He was instrumental in designing and helping us pass an economic plan that prevented a second depression -- a plan that is slowly but surely moving us in the right direction again.

WHITEHOUSE: Announcing the New Director of OMB