Fischer is on to something here but Dumb Bears II may be a little light since Peter Lynch notes this is the actually 7th time the US will recover from a recession & see better economic times the perpetually foolish doom & gloomers repeatedly swear could never happen.
When you're servicing debt that is 3 times your income, how much more can you take on? A recession is simply the realignment of production to meet (reduced) demand when people are servicing the debt they accumulated in the boom. You'll have to forgive the prognosticators of the early 90's, they never imagined Alan Greenspan would initiate and perpetuate such a credit orgy...
Ping.