Great Recession or Great Depression?

Here is some kinda-sorta good news.

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Nariman Behravesh, chief economist at IHS Global Insight:

This is the Great Recession, not the Great Depression 2.0 and not Japan in the last decade. We’re seeing a different policy response than what we saw during the Depression and Japan in the 1990s. It took Japan seven years to deal with its banking crisis. The U.S. has moved in a matter of months and it’s had some fiscal effect. Our fiscal stimulus may not be enough or the right kind, but it’s much different than the Depression or Japan.