People are not confident of those sorts of outcomes this time (indeed many forecasters and financial markets will be seriously wrong-footed if a rapid recovery in the crisis-hit countries does occur). Observers in some countries even wonder whether their trend growth rate may have been impaired for a lengthy period by what has occurred. But most countries did not have a bank solvency crisis.
They had an acute liquidity crisis for a couple of months in September and October 2008 when the global financial system went into cardiac arrest, but thereafter those problems began to ease – mainly due, it must be said, to actions of governments and central banks in the major countries.