2009 will be remembered in the same way the late 80's,the end of an economical boom and historical credit expansion, and a reversal that will last, in the best case, a decade or so.
It will be, as well, remembered in the same way as in the 30's where central bankers slowly became powerless and impotent in the Pfizer sense. Ultimately they will transform themselves into "phoenix", to do so they will allow the inflation beast to reappear in order to fight the deflationnary trend that is slowly but surely settling into the basic consumer mindset. So they will reborn from the ashes and like the Incas will sacrifice some retiree, and a good percentage of youngster.
One has to understand that the economy is stable thanks to social stabilizer i.e robbing the wealth of the young and next generations though all sorts of Houdini type of benefits. This is the price to pay for a sluggish but non violent economical and social environment.
Last but not least, if you have not understood what I tried to demonstrate on the graph above...well print it and bring it to your banker. Depending on the answer, here is a possible profile of your banker:
-A(Answer) : "don't get it"
-P(Profile): He must be as smart as an Elk - maybe a SBank banker?
-A: "hum, not possible...housing price will stabilize, so can't happen"
-P: If he has a bear, give him some red wine and bread...he most probably has already walk on water...
-A: "Finland has no housing bubble, and construction is healthy...loan loses can't grow further"
-P: He may have had an intensive training in a US Camp, probably having the FED or the couple Greenspan-Bernanke as lead trainers...
That's all ...have a nice sunny holiday wherever you are...