Its impossible to argue with the numbers; and few can slice and dice numbers like Ed Leamer, who provides his is take on the sources of the 2008- recession. He focusses on an important factoid: The most recent recession is not different: because its similar to the two previous recessions (1990 &2001). And these last three recessions collectively behaved very different from the previous 9 recession.

Is it robots / microprocessors / trade? Some would add a possible liquity trap as the source of the 2008 crisis (but we all agree 1990 & 2001 were no Liquidity Trap efflictions). Personally, for me no story of the 2008- crisis is complete without an explanation of the encredible Excess Reserves: the money banks are depositing with the Federal Reserve for meager interest rate of 0.25% rather than lend it out to business investments for substantially higher rates.