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U.S. and Global Economies
  • Publication Date:
    January 2008

The analogies between the current situation in late 2007 (housing crisis, financial turmoil, credit crunch) and the period leading up to the 1990 recession are striking, but there are also many differences. The business sector is stronger than at any time since the 1960s, booming exports are helping support continued productivity gains, and the policy sector is rushing to establish a solid floor of tax and interest rate cuts to support the economy. Still, business and consumer confidence are down, and the housing market continues to contract even though mortgage rates are low.

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