*  *  *  I asked Jack Guynn and Bob Eisenbeis what issues you would like me to address this morning. They suggested that events associated with the failure of Enron have refocused attention on a number of 1 accounting issues.
First, the pre-crisis expansion was very similar in both eras. Second, world trade collapsed in 1930 and 2009, immediately after the two shocks, but the decline was sharper in 2009, even though the total decline in the 1930s was larger. Third, the subsequent recovery has been noticeably stronger in the most recent episode.