Depressions Build Character

That's Dan Riehl's view:

Some of the alarmists out there might want to take a moment to consider all the ramifications here. It may sound harsh, but the Great Depression produced many things - one of them was called the Greatest Generation.

Hilzoy attacks:

Personally, I've always preferred the idea of trying to make myself as decent as possible, rather than waiting for catastrophe to do it for me.

But if people's lives have to be destroyed in order to produce a new "Greatest Generation", I hope that people like Dan Riehl, who think that this sort of character-building through national catastrophe is a good thing, are disproportionately represented among them. After all, as he and his family settle in for the night in their minivan, Dan Riehl would be able to console himself with the thought that it's all for the sake of the greater good. Most of us, not having had this callous and idiotic idea in the first place, would not have that comfort available to us.