The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.
President Zardari came to power just as the global recession hit. He had to cobble together an unruly coalition, put up with a constant assault from a conservative supreme court who sought to undermine him at every term. This does not include dealing with Pakistani's omnipotent establishment and the menace of terrorism.
The Adversity Index was created by msnbc.com and Moody's Analytics to track the economic fortunes of states and metro areas. Each month, the Adversity Index uses government data on employment, industrial production, housing starts and home prices to label each area as expanding, at risk of recession, in recession or recovering.
Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.
Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.
The 1980s was a time of the great recession of interactive entertainment. When Atari fell in 1982, until Nintendo launched its console, video games were an outcast for five years.
As sure as the spring will follow the winter, prosperity and economic growth will follow recession.