Anonymous User wrote:The economic crisis we're experiencing is most unlike any other. While boom periods followed the bust in the past, that was because the underlying problems weren't as dramatic. Currently, the economic problems are systemic and structural. Until they're corrected, a sustained recovery won't occur.
And since we're so fond of posting examples, I'll give you one: The economic stagflation of the Japanese economy in the 90s. What we're going through is pretty similar, and I don't expect that to change soon.
This is the point where I have to disagree. We have had boom and bust before, e.g. the tech bubble in the late 1990s. The economy has always recovered. Whatever the underlying problems are, they are not as drastic as most would like to think, while we are looking at the tree we lose track of the forest. I say that because every economic indicator is pointing towards a strong recovery (stock market, currency trade etc). I just hope ppl don't get too pessimistic cause that could depress the recovery more than anything pres. Obama can do.
The Japanese economy is a credited example but I think that is more an example of the failure of supply side economics and the proof of the validity of Keynesianism. There are not many similarities between the Japanese economic crisis and our current economic debacle, in my opinion.