Collapsing asset prices and credit market turmoil recall the depression (and its recent Japanese echo):
- Morgan Stanley's Steven Roach draws a comparison to Japan's post-bubble slump of the 1990's.
- Robert Reich finds a worryingly relevant passage in the memoirs of depression-era Fed chairman Marriner Eccles.
- Fed watcher Tim Duy says we are "Inching Closer to the Reality of Stagflation"
- Allan Meltzer thinks the Fed is repeating the mistakes of the 1970's (and Econospeak's Econoclast has a critical response)
In the Things That Make You Go Hmmm... Dept.: The lyrics to "Happy Days Are Here Again" were written by J. Yellen, and the President of the San Francisco Fed is also J. Yellen.