Greece ^kinda defaults. More context in NYT, of course: http://nyti.ms/pyJ9Ho
Default -> Temporary/Kind of/Selective Default
Great Depression -> Great Recession
Worthless Mortgages -> Troubled Assets
Make dollar worthless -> Increase Liquidity
You've got it exactly backwards: media hyperinflates things to sell and get people to watch. Our "great depression" as you call it right now is nothing like what happened in the 30s. Comparisons just serve to fear monger.
Also, we're in a Depression (although not the Great Depression) and the media never uses that term (and then happily declares the "recession" to be over) to avoid self-fulfilling prophesy behavior. But make no mistake, we're in a depression and the media swings its hyperbole in the direction it's needed.