By this reckoning the US has done quite well, steering out of the to-be-expected financial recession range based on the inherited level of excess credit, especially if the shadow system is considered. Most importantly a deep financial recession was avoided at the outset, and this level effect remained intact.
Seeing this US outperformance it may be tempting for readers to map the paths into policy shifts. The extraordinary, coordinated central bank and fiscal actions of 2008–09, both globally and in the US (Fed liquidity and QE1 programs and the ARRA stimulus); and then the arguably premature tapering of such policy supports (Fed dithering over QE/twist programs, and the phase out of ARRA with no further stimulus). We think such conjectures represent fertile ground for future research.