In Monday's 2/9/09 Wall Street Journal a great article was written by Justin Lahart entitled "Pent-Up Demand Could Quickly Pull Economy Out of Its Hole".
Below is an excerpt from the article.
"The 1980 analogy may be the best available to the shock that hit an already-weak economy in the fall, when credit markets seized up, according to Alliance-Bernstein economist Joseph Carson. "That was government-induced; this one is market-induced," he said.
On July 3, 1980, when the Fed removed the controls, economists has little hope that a recovery would happen anytime soon. The Fed agreed, forecasting that the economy would contract for the rest of the year. In fact, July was the end of what would be the shortest U.S. recession on record. With the credit crunch over, consumers and companies raced to buy what they had held off on. Final sales rose 5.4% in the third quarter, and a further 3.6% in the fourth."