A booming economy fueled by real estate and a stock market that is over valued?  Low unemployment.  High energy cost.  War in the middle east.  Tightening monetary policy.  Land devaluing? Stock market falling.

This is not a scholarly post. You can do a search on "bubble economy Japan" and get many pages of things to read.  But one for discussion.  There are so many things that are happening that happen in the early 90's.  It could be argued that Japan hasn't recovered completely from that recession.  Has the Fed cut off the recession at the pass with todays surprise move or have they greased the wheel so to speak to hasten us to the bottom of the ride faster?  Toss in what looks like a weak industrial sector of our economy and it is echoing Japan of the 1990's.