That's true for correction against irrational exuberance in a static environment. This may explain Japan. But the world is usually dynamic. Technological progre

That's true for correction against irrational exuberance in a static environment. This may explain Japan. But the world is usually dynamic. Technological progress, non-monetary fiscal/regulatory reform, new business innovations (of the non-subprime-mortgage flavor), world events, and population growth are rational factors that can simultaneously push up GDP during or following a correction of previous irrationality.