I'm tempted to say that the crisis is like nothing we've ever seen before. But it might be more accurate to say that it's like everything we've seen before, all at once: a bursting real estate bubble comparable to what happened in Japan at the end of the 1980s; a wave of bank runs comparable to those of the early 1930s (albeit mainly involving the shadow banking system rather than conventional banks); a liquidity trap in the United States, again reminiscent of Japan; and, most recently, a disruption of international capital flows and a wave of currency crises all too reminiscent of what happened to Asia in the late 1990s. [emphasis mine]Once Japan recovered from the real estate crash to a significant degree, there was much rejoicing, including the creation of a song celebrating their accomplishment, Yatta, meaning "We Did It," and which has spawned a warped, twisted, and very funny cult following.
So my question is, what sort of celebration will the US be treated to once the economy recovers sufficiently? Will it be celebrities nancing about in their skivvies or an orgy of consumer spending (i.e., a return to normalcy either way.)