As is typical of recoveries from recessions that result from the bursting of big credit-fuelled asset price bubbles, the recovery in the US from the 2008-09 recession and associated financial crisis is very weak and fragile. A full two years after the National Bureau of Economic Research called the end of the recession, the level of gross domestic product is still just below its pre-crisis peak (reached at the end of 2007); the Federal Reserve is still operating deeply unconventional monetary policy; and 10-year Treasury yields are hovering around the remarkably low level of 2 per cent. Many investors are asking if the US is “going the way of Japan” in the 1990s, an economy that is often said to have “lost not one but two decades.” I think not.
和其它所有从由信贷催生的巨大资产价格泡沫破裂而导致的衰退中复苏的manbetx20客户端下载 体一样，美国从2008-09年的衰退及金融危机中复苏得非常乏力和脆弱。在美国国家manbetx20客户端下载 研究局(NBER)宣告衰退结束整整两年后，美国国内生产总值(GDP)仍低于危机前的峰值水平（即2007年底的水平）；美联储(Fed)仍在奉行极其非传统的货币政策；10年期美国国债收益率仍在2%的超低位附近徘徊。很多投资者怀疑，美国正重蹈上世纪90年代“日本的覆辙”，人们经常会说，日本manbetx20客户端下载 “失去的不止10年，而是20年。”但我并不这么认为。