Those of us who remember the 1960’s TV action series, Batman, recall how the caped crusaders defended Gotham City from super villains. At the very instant our heroes had their backs to the wall, the announcer would urge us to “Tune in next week. Same Bat Time – Same Bat Channel” for the continuation of the episode.
As we sit ten years out from the financial crisis, it feels like we’re at a similar juncture in the story of the U.S. economy. It has literally picked up where it left off – with the usual suspects and the same, unsuspecting victims.
If history is any guide, we’re on track to experience another economic downturn, triggered by similar conditions – with a similar outcome.
On a visit to Fortune magazine back in July of 2007, Treasury Secretary Hank Paulson declared, “This is far and away the strongest global economy I’ve seen in my business lifetime.”