Oct. 29--This date was Black Tuesday 80 years ago, when the stock market plunged for its fourth day in a row, causing widespread financial panic that helped push America into the Great Depression.

The current recession isn't as catastrophic, but companies and consumers are still licking their wounds from one of the worst economic downturns ever.

After 80 years of booms and busts, have we learned anything?

"Yes, we've learned something," said Jerry Nickelsburg, economist at UCLA's Anderson School of Management. "And we've learned more this time in terms of the financial markets."

Economists and politicians say a recovery is slowly taking shape, and the nation's latest numbers on unemployment, industrial production and consumer spending seem to bear that out.

The Dow Jones Industrial Average -- which tracks America's largest 30 company stocks -- was on a tear this month as it surpassed the 10,000 mark again, though it had dropped back to 9,762 by the end of trading Wednesday. That's after a tumultuous ride from 14,000 in October 2007 to 6,700 in March.

Of course, the stock market went on a similar roller-coaster ride in 1929.

In the years leading up to Black Tuesday, too many investors threw too much money into the stock market, way too fast. It seemed nothing could stop your Average Joe from turning pennies into wealth overnight.

Sound familiar?

On this 80th anniversary, we're reminded that economic downturns

are part of American life, whether or not we're prepared for them.

And according to history, a recovery is always around the bend -- it's just a matter of time.

Recession vs. Depression

Economic recovery means putting people back to work so they can pay their bills and keep their homes from sliding into foreclosure.

During the Great Depression, it meant bringing the economy to a point where simply putting food on the table wasn't a daily struggle for families.

Pomona resident Bob McAllister, 84, was only 4 years old when Black Tuesday struck.

While too young to remember the newspaper headlines, he experienced his fair share of struggle during the Depression that followed in the 1930s.

"I worked as much as I could in the citrus business," said McAllister, who was raised in Covina. "I pulled weeds, caught gophers, hauled water for spray rigs ... and raised rabbits. I'd sell a rabbit for 50 cents. (People) bought them to eat."

He knew the government-funded Works Progress Administration was putting men to work on civic projects across the nation, but he didn't pay too much attention.