Apparently that's becoming part of the conventional wisdom, too. From Satyajit Das on Eurointelligence: Economic Stall Speed (28 September 2011)

The most likely outcome is a protracted period of low, slow growth, analogous to Japan's Ushinawareta Jūnen - the lost decade or two. The best case is a slow decline in living standards and wealth as the excesses of the past are paid for. The risk of instability is very high; a more violent correction and a breakdown in markets like 2008 or worse are possible. Frequent bouts of panic and volatility as the global economy deleverages -reduces debt- are likely. Problems created gradually over more than the last three decades can only be corrected slowly and painfully.