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When an ocean liner turns, it does so slowly & the change in direction does not become immediately apparent. The economic contraction we have experienced is deccelerating & approaching the point of turn to expansion - but the contracting is still happening, so many still see only the downward motion, particularly anyone themselves caught in the downdraft. If one is looking down on the turning ocean liner the change in direction is more readily apparent. The sun will come out soon. Cheer up WNYC listeners (oh, I know, that's a ridiculous idea - that WNYC listeners should be cheerful - but just try it for a change;)
When the economy does begin to recover, is it going to be any different in terms of those at the top making hundreds of times what those at the bottom of their companies make, instead of the 20-30 times more that they made before income disparity grew (anybody remember that?)? Isn't that part of what led to the bust? Hey, is there any economic indicator that reflects *that*?
"The Economy is cyclical."
So then how does one define "The Economy?"
For 200 years (until Bush, in my opinion) it was based on Free Market Principles and that assertion may have been true. Whether it is true anymore is untread ground.
Put more succinctly -- there is no rule that what goes down, must come up.
If a recession isn't 2 quarters of negative growth (the common definition) but a downturn in the fundamentals of business, then it is very easy to argue that this recession began in 2000 and never ended, instead simply going deeper and deeper into debt.
Dese is BOOM timze!!
Does Mr. Banerji see the early signs of inflation as another reason recovery is starting to kick in? Does rising inflation concern him, particularly as Geithner is set to meet China and that country's outlook vis-a-vis the dollar?
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