Did we learn something from this depression?
We've probably survived the worst part of the financial and banking crisis but it will take a long time for an exporting country like Finland to get back to previous success levels.
The problems started to surface in U.S. in 2007. The American subprime mess lead to panic selling of stocks from Stockholm to Seoul and Helsinki to Paris.
At that time, a year before the collapse, investors were looking hard to see what other shaky paper could be lurking inside their portfolios.
There were warnings, the financial system was well aware about the problems that U.S. could be "knocked into a serious recession" with global implications.
All the fears materialized. Now, we're talking about how to climb up from the valley of recession. How long will it take? Did we make all the necessary adjustments in over production of cars, houses, pulp, paper, steel, etc.?