Furthermore, recovery from the burst tech bubble depended to a large extent on the creation of another bubble, this time in housing

One last point. In the late 1990s the U.S. economy was growing quite rapidly, around 4 percent a year, and the tech boom was only one factor in that growth. These days underlying growth is only around 2 percent a year, partly because of slow growth in the working-age population, partly because overall productivity growth is slower. And so far this... See more