Grasping Reality on TypePad, by Brad DeLong

And Mark Thoma shows us the savings rate:

And asks:

Economist's View: How Much of the Increase is Permanent?

I would guess that only a small part of the rise in the savings rate is permanent. Financial distress was and is much greater than in past post-WWII recessions, and financial distress is associated with transitory rises in the savings rate.