20 years ago US and world were quite difference

Some people try to compare to last housing recession and financial trouble. It has some similarity but many big differences.

Financial engineering was just started by 1990 and there was no subprime, 2/28 and other products, no CDO, SIV, condit, ABOP fancy financial tools. US dollar was very high and oil is $9. Russia was in deep trouble. China, India, Brazil all were just started. One Euro was 80 cents US. Fed was fighting very hard for the inflation. US was not in any major war. Japan was big but by itself US can handle it.