Insightful discussion here on why repeated government intervention the past decade has served to render it less and less effective now in prompting a sustainable economic recovery.
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As Economist David Rosenberg has been tirelessly evidencing in the data for many months, we are not having a 'garden variety recession and recovery' here. His comments today: Honey Cake with Dave summarize the stats to date:
“What is normal 33 months after the recession begins [this one started in fall of 2007], is that all the stimulus and lags have worked their way through the system and generated new peaks in all the economic data. On average, employment is up 5.5%, GDP is up 12%, housing starts are up 27% and retail sales are up 25%. This time around, and in the face of pronounced policy stimulus, employment is down 6%. GDP is down over 1%, starts down 47% and retail sales are down 4%.”
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