The economic "recovery"
For Main Street, as opposed to Wall Street, “recovery” has been minimal:
If financial companies in the S.& P. 500 were removed from consideration, overall corporate earnings would have grown 18 percent in the fourth quarter — not the 206 percent officially reported, according to Thomson Reuters.
I’m not sure whether this reflects more poorly on Obama-and-the-Fed’s outrageous “generosity” (with our money) toward bankrupt banks or on how sick our economy remains. (I’m in the camp that believes this is no cyclical downturn but a structural one.)
Posted by James on Tuesday, April 20, 2010