Sunday, August 8, 2010
Via Business Insider:
Can we stop touting a V-shaped recovery now? To the extent that there is a recovery, it’s a recovery in the financial sector and that’s only happening because the Fed is giving free money to the banks, i.e. when the banks can earn more by buying Treasury notes than it costs them to get it from the Fed, they’re getting free money.
“L-shaped” was the one that surprised me and scared me. When an economist says “L-sharped recovery” that doesn’t seem like much of a recovery.
So, we are apparently L-shaped so far, but with some good news and some bad. This is a definite soft spot, but not a proven double-dip IMNSHO.
When I hear “L-shaped recovery”, I think permanent decline.
We may have to realize at some point that things aren’t going to return to where they were before.
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