There is a difference between 19-year low now, which is 1983 levels, and 19-year low 10 years from now, which is at 1993 levels, or just below the break-out that Greenspan callled "irrational exhuberance," a valid point that he is apparently proving at the cost of his job and legacy.
Moreover, if the US puts in a 19 year low, where does that leave Japan et al?
Japan had a much worse inflated real estate market and other structural problems linked to the way they do business etc. Not saying it couldn't happen, but Japan could have bitten the bullet and reformed policies long ago. There are reasons for Japan's problems. Also, reasons for our problems. Not exactly the same. I'm just sayin.
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