If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.

Even if the economy recovers smartly for the rest of this year and the next, the ongoing slack in the economy may still lead to continuing disinflation,

It's been a resilient economy, it's responded well and job creation has proceeded apace.

The economy is much more energy efficient today than it was in the 1970s when energy shocks contributed to share slowdowns,

History has demonstrated time and again the inherent resilience and recuperative powers of the American economy.