Although his brief answer without any further analysis is “Probably not,” the remainder of his opinion piece is devoted to quoting a Great Depression era text that shows “eerie” parallels to our current situation. Excerpt (talking about the 1930s Great Depression):
a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. This served them as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied to themselves the kind of effective demand for their products that would justify a reinvestment of their capital accumulations in new plants. In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.
Read Reich piece →http://robertreich.blogspot.com/2008/03/are-we-heading-for-another-great.html