Round and Round We Go?

In the introduction to Katherine Graham's Washington, the late publisher of The Washington Post wrote about her belief in the cyclical nature of events in Washington D.C. (& history).

We live in an America distinct from the America when FDR battled what has come to be known as the Great Depression, yet the situation seems familiar. Back then, it was America's entry into WWII that saved the country from its failing economy. Yes, FDR's call for Federal programs helped stimulate the economy and create jobs, but governmental efforts only marginally alleviated the dire situation.

The problem is that the economy is an unwieldy beast that is difficult to tame, which explains why the lassos cast by the Federal Reserve and Congress over its thick throat snap and lie useless. If history is truly cyclical as Graham says it is, will we be able to climb out of the dark abyss of our sinking economy without the helping hand of another war? Can Obama learn from and go even further than FDR did to save us from slipping?