Being human, we all seem to think we are utterly unique in our situation. Yet there is something in the human condition that is unavoidably universal, between cultures and times.

These are tough times we’re in right now. Yet there have been tough—very tough—times in the past. For those people who are elderly today, the current economic troubles facing the U.S.—and the world—may seem strikingly familiar.

The 1920s, sometimes referred to as the “roaring 20s,” were a time of great modernization and economic growth in the United States. There was a feeling of exuberance in the air, as the U.S. had put time between itself and the horrors of World War I. There was money to be made and the stock market had a dramatic run-up—followed by a harrowing crash on October 29, 1920—a day that lives on in infamy as “Black Monday.”

Reading reports about this very memorable and historic day in the U.S. economy, one can’t help but think—the more things change, yes indeed, they stay the same.

Though generations of presidents and banking officials have all assured us that it could never happen again, the events of October 2008, and the harrowing slow-motion stock market crash and recession that followed, bear some striking similarities to the events of the 1920s. The real estate bubble grew and grew as more and more citizens borrowed against their home and borrowed with the help of easy to attain credit cards. Ultimately, a crash occurred and today we are all in recovery mode.

Will our economy recover? Signs indicate that we will. Recovery seems to be slowly (very slowly), but surely, underway already.

Next time, maybe we’ll remember all we’ve learned from this downturn about avoiding easing credit and remembering to save for a rainy day.  These are the lessons learned, we hope, to ensure a stronger and more lasting recovery this time.