Under-Estimating The Recovery?

A Free Exchange blogger strikes an optimistic tone:

This downturn is like the last in some key ways: it followed a bubble, and it occurred in an environment of very low interest rates. But in depth, it's more like the recessions of 1981 and 1929, which means much more growth can be wrung out of putting good workers back to work than was the case in 1991 and 2001. For that reason, I don't think it's entirely unreasonable to be a little more bullish than is the current conventional wisdom.

Calculated Risk differs.