> The recession did happen and it ended, as recessions tend to do. Recessions are always much briefer than expansions. I think the part of the recession that d

> The recession did happen and it ended, as recessions tend to do. Recessions are always much briefer than expansions. I think the part of the recession that didn't happen was the failure and disintegration of at least a couple of very large banks and at least one car company, among other things. There was no fundamental reorganization to clean up a couple of decades of bad decisions, which signalled to the next round of players that high risk is not really high risk. One day the chickens will come home to roost.