Hence, what we are presently going through is what I term an “Economic Reset” and not a recession. The lifestyle and economic prosperity that we all enjoyed over the past half a century peaked with the collapse of Bear Stearns in March 2008. We are currently going through a reset, which history will show, hastened with the Bankruptcy of Lehman Brothers.
When the reset has run its course (Bernanke implied end of 2009 but I think end of 2010), the economic growth trajectory moves to the right but on a much less steeper slope, as illustrated in the graph below:

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