Speaking as a central banker soon to return to the relatively tranquil ivory tower of Columbia University, I don't think it is far off the mark to characterize the turmoil of the past year as one of the worst financial shocks that the United States has confronted since the Great Depression.
However, although the U.S. economy clearly has slowed, aggressive actions by the Federal Reserve and other central banks as well as fiscal stimulus have helped us weather the storm better than we would have otherwise.