We’re in a depression. It won’t end until it has done its work. And, with the feds trying to block it, prevent it, hold it off, deflect it and retard it, it could take years before this depression has finished its job.
Martin Feldstein, an expert on business cycles:
“The recession isn’t over.” In a Bloomberg Radio interview on December 17th.
David Rosenberg explains that 90% of the ‘growth’ in the third quarter came from stimulus measures. And that still only produced a 2.2% annualized GDP increase, far below the rates typical at the end of a recession.
“What is normal is that the first quarter of post-recession growth is that real GDP expands at a 7.3% annual rate; 2.2% is really nothing to get excited about – it’s actually quite worrisome...
The US is fast becoming the worst kind of banana republic…one with ice storms and no bananas.
read the entire essay
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