Absolutely essential reading over at the Oregon Office of Economic Analysis blog where Josh updates the Reinhardt and Rogoff data on comparative crises.
He shows this graph which I have also been showing from time to time to give some perspective on the seriousness of the current recession relative to US recessions past. Ouch:
But how does the current US crisis compare to other serious crises around the world? Here is a comparative graph:
As you can see, our crisis is not at all exceptional. And look how long it took the other crises to resolve themselves. Lost decade, anyone? Go check out the full post.