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A quarter of the labor force and half of Spain's youth are unemployed, reflecting the country's loss of competitiveness in the wake of the real-estate bubble inflated by cheap euro credit in the pre-crisis period.
Suddenly, everyone saw just how much America's system of corporate surveillance and control had deteriorated during the bubble of the 1990s.
What markets seem to have forgotten is that post-bubble, post-financial-crisis recoveries tend to be anemic.
Just as it is next to impossible to take a critically ill patient off life-support treatment, it is equally difficult to wean post-bubble economies from their now steady dose of liquidity injections and deficit spending.
Greenspan mounts a similar defense concerning the housing bubble.
Understandably, Chinese officials worry about bubble trouble.
The housing price bubble eventually broke, and, with prices declining, some have discovered that their mortgages are larger than the value of their house.
Just as the collapse of the real estate bubble was predictable, so are its consequences: housing starts and sales of existing homes are down and housing inventories are up.
The housing bubble induced Americans to live beyond their means - net savings has been negative for the past couple of years.
For several years, I argued that America's economy was being supported by a housing bubble that had replaced the stock market bubble of the 1990's.
But no bubble can expand forever.
Even if Japan had never experienced a real-estate and stock-market bubble, the meteoric rise of its giant neighbor China would have been a huge challenge.
France's basic problem, like that of the countries most affected by the crisis, is that the wave of cheap credit that the euro's introduction made possible fueled an inflationary bubble that robbed it of its competitiveness.
A busted bubble led to a massive Keynesian stimulus that averted a much deeper recession, but that also fueled substantial budget deficits.
We do not want to inflate another asset-price bubble on the scale of the one that burst in 2007-2008.
In the early 1990's, Sweden suffered a huge recession precipitated by a housing bubble and a banking crisis.
The 2008 recession was triggered by a financial crisis that erupted after the collapse of a credit-fueled asset bubble decimated the housing market.
We are in the midst of a financial crisis caused by the serious mispricing of all kinds of risks and by the collapse of the housing bubble that developed in the first half of this decade.
But the bubble itself resulted from the same management pathologies as those afflicting the real economy.
In addition to the downturn in real estate, a broader bubble in consumer credit is now collapsing: as the US economy slips into recession, defaults on credit cards, auto loans, and student loans will increase sharply.
Expectations become self-fulfilling, oil prices rise, a speculative bubble is born.