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My excuse has been that this was because the policy makers moved too slowly -- that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
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Nevertheless, he predicts the downturn this time will be gentler.
The longer the downturn this time, they say, the more likely it is to change financial habits permanently.
It took seven quarters for the American economy to regain all its losses during and after that downturn; this time it took twice as long.
Yet it remains about 9% (or roughly $5,000 per person) below the trendline expected in 2001.Adding together the depth of the downturn and time until recovery, Ms Reinhart and Mr Rogoff calculate a "severity index".
But even more importantly, the downturn bought time for both established companies and new entrepreneurial startups to develop new products and get them to market.
Recovering from such a downturn takes time, of course, and many economists forecast that the severe recession will not break until 2010 at the earliest.
But you must remember that Ecademy created its business model in the last economic downturn, a time when monetising first made more sense.
In the middle of the recession I wrote that things weren't so bad in the Valley because we weren't the cause of the downturn this time, we were just an innocent bystander.
Amidst the economic downturn, the time is now for accelerating the global growth of clean energy.
There have been downturns from time to time.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com