September 3, 2009
Clearly, I have no clue what I am talking about. I’m sorry for that dear reader, and sorry that one of my recent posts suggested that this recession might run and run and take well into the next decade to end.
Obviously, my thinking that all this government bailout money would need to be repaid someday – and that doing so could easily cause a public sector recession – is wrong!! Luckily for the American people, we now know that the recession is bottoming out! Woohoo – it is almost fixed and we are all saved!!
Who knew that the thing Paul Krugman, no less, called the “Mother of all Recessions” or possibly “Great Depression 2” would be mostly fixed so quickly? It just shows what a Nobel Prize means these days…
Thanks to the Fed and “Helicopter Ben” for fixing this all so quickly.
I don’t know about you though, but to my mind, all the big US companies announcing losses, regional American banks going bust each week and unemployment set to hit 10 million in a few months, might be signs that things are not yet bottoming out. After all, how do you know it is or was the bottom until long after and things are well on the way up?
Doubtless, European politicians will be taking this as news that it will just be a matter of days or weeks until things are on the “up and up” across the EU as well.financialguy