Sub-zero

This is the most compelling version of these comparison charts that I have seen.  You really do have to look at the entire period since 2000 as a secular bear market.  The difference between the Great Depression and the Japanese Great Recession is that the US bubble burst in two separate waves -- stocks and then real estate.  All three are tied together by the de-leveraging of asset ownership.  Being forced to gradually cancel debt is like running the non-zero logic of economic cooperation in reverse.