Euro Crisis: If We're Heading Towards a 1930s-Style Depression -- Why Is the Stock Market So Bullish?

We seem to be heading towards an economic downturn equivalent to the Great Depression of the 1930s. This isn't a secret. The synthesis below is derived from: Lawrence Summers, Nouriel Roubini, Simon Johnson, Niall Ferguson, Paul Krugman to name just a few. This crisis is not happening quickly. It's more of a slow-motion train wreck -- Greece's crisis started in 2009. But that leaves a puzzle -- why is the American stock market not reacting to obvious warning signs?

Greece and Spain already have unemployment rates exceeding 20 percent. If that isn't a depression -- what is?