Yes, Kerrecctt... BUT... this is a first time since the 1930 that the recession were in is caused by Credit-Debt versus the Inventory recessions of 1981, 1991, 2001, etc... Suggested reading - every post... all of it... http://market-ticker.denninger.net/
The global financial crisis 2008 & 2009 was a result of all-time prices for crude oil, Real estates, commodities & others. The prices reached all-time high in 2008 due to massive demand from China and India. Now China & India economy is prospering where as USA amd Europe are collapsing. They have made a meal out of them.
China and India are reason #1 for starting recession 2009 and Barack Obama and his team are the reason #1 for Recession Will Last "Forever
This recesssion will last FOREVER! It's the dreaded never ending recession! It's finally here, we're doomed! Negative GDP is looming!
The fellow that writes this blog http://market-ticker.denninger.net/ ran a very successful Information Technology Networking company and retired from it a number of years ago... He started blogging about the coming Credit Collapse back in 2007... and has continued to this day with amazing accuracy... His clarity of writing in the world of arcane economics is off the charts... highly recommend... The cause of our economic problem is we are in the middle of (and it's getting worse) a Credit - Debt Collapse... all the Bush and O'Bamy administrations did / are doing was try to reflate the old bubble with future debt paid off in future taxpayer money.. ain't gonna work... Until all true banking debt and private / public debt is brought out into the open and handled there will be no recovery... as long as they try to hide this debt then it will only get worse...
Here is an excellant piece that was written today on his blog... http://market-ticker.denninger.net/archives/1364-America-Is-Running-Out-Of-Rope.html