Recessions and Recoveries Are Not All the Same

This article attempts to argue that the current reccession is, in fact, different than previous recessions. The main reason for this is due to the large hit the finance industry took. I would agree that this recession is certainly different than the two previous recessions, but it is certainly not unprecedented. For example, the recession of the 1930's saw a similar downturn in the finance industry and the recovery was indeed long. When the finacial sector goes bad it will take a long time for significant growth the reemerge because money is tight and there no place to find capital. I don't think there is anything new or mysterious about the current recession.