Here is Japanese economist Richard Koo discussing how the current financial crisis in the US is a repeat of Japan's lost decade and America's 1930 Great Depression:
Koo explains why the US is dealing with a "balance sheet recession".
The US now faces a lost decade, just like Japan.
Sadly, the current crop of politicians in the US starting with the fanatical and idiotic Republicans, but also the economically ignorant Obama, and the clueless Democrats are all unaware of the relevant economics and history. So they are fighting the wrong battles in Washington. They are caught up in a "debt ceiling" death struggle when in fact they should pull out their Keynesian text and provide the missing spending via government stimulus. Instead of pursing "austerity", they need to be providing spending that will allow the debt restructuring to finish so the economy can recover.