What's Called a Balance Sheet Recession?

In two thousand and eight we experienced what was called, what's called in economics a balance sheet recession. You had the collective balance sheet of the country collapses - it takes ages to get out of that. But because everybody chats and talks and gossips, most humans not only are not rational, were irrational. And not only irrational, we don't we know our own mind at all. We're unbelievably influenced by the last conversation, right? Or sera.