At the height of the last recession in 1991, former Reserve Bank board member Bob Gregory vividly remembers walking down Elizabeth Street, Melbourne, and seeing the devastation.
"The shops were all empty. People had lost their jobs but there were salesmen out on the street asking you to buy things," Gregory says.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
