The 2008 recession was such a nightmare because it seemed to drag on forever.  I remember the first tremor of it in August 2007 – an unexpected intervention by the ECB in the money market. Then things got worse and worse. And then it just lingered. The gloom didn’t lift until 2015 or so.  Everyone was shaped by the experience. You can still see it in Irish people’s nervousness over house prices (and dislike of bankers).  Another hangover of 2008 is that we expect recessions to last a long time. However, it looks to me like the Covid-19 slowdown will be…

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