Poor comparison, IMO. The foundations of the economy are markedly different than 3-4 years ago. The gargantuan debt, primarily financed by printed money, not even real money that was borrowed. And in the context of no chance that will change.
Add to that a significant drop in domestic energy production, as well as serious efforts by DC to kill future production.
Finally, don't forget ObamaCare is already crapping up the economy, and will continue to do so regardless of any court rulings.
No, the fundamentals are much worse now than in 07-08.
Dmitry Orlov describes what he calls "superpower collapse soup" common to both the U.S. and the Soviet Union: “a severe shortfall in the production of crude oil, a worsening foreign-trade deficit, an oversized military budget, and crippling foreign debt.” He believes the U.S. will fare worse during the coming economic collapse because Americans have fewer backup plans than did the Russians.
Bad Fundamentals are not hyperinflation. There still are deflationary forces out there too. That is not a good thing for us or the economy. Fighting deflation with inflation is like helping someone trapped against a huge rock by crushing him with a bulldozer. The inflation can crush the economy again.
Right now we have the 2007 inflation oil and food without the housing bubble(BTW : the bubble itself was bad too.), and neither had wage inflation. Jim Rogers predicted this in a post I did early 2009 when he advised Asians to invest in production of both.
I pinged Southhack because he always gives me grief when I post that we have inflation.