In 1929, 85% of income were job related - 15% were interest, pension, dividend related.
A 25% unemployment rate equals 21% less cash flow.
Today, only 60% of income are job related, and if unemployment hits 10% it means 6% less cash flow.
Today income from pension and dividends, that few companies dare to cut, are much more representative than in 1929. And as you can see, no company cut dividends in 1929. Hence the surge.
Since unemployment was already 5%, that is only a 3% overall loss in cash flow. Are you folks above the Equator over reacting due to little and wrong data?