"But the Depression has also been misunderstood. It was not a period of great scarcity, but a period of unparalleled glut. There was too much of everything: too many factories turning out too may cars, radios., washing machines, and refrigerators; too much money around and too much of it into the hands of a few wealthy people who reinvested it in more factories and other means of production and to many people getting too much easy credit, which caused a further overstimulation of production.

The country's ability to produce had outstripped its ability to pay-and the nation paid for the mistake. As Will Rogers said, "America will be the only country that ever went to the poorhouse in an automobile." -Fascinating Facts from American History, By Bill Lawrence

Kinda like now, except our ability to consume has outstripped our ability to pay.