Tuesday, April 06, 2010

"a drawn-out malaise that will soon become something like a lost decade"

The False Recovery: "households are using their savings to pay off the massive amounts of debt they accumulated even before their net worth declined a staggering $11 trillion over 2008 and 2009. The money is not going under mattresses or into bank accounts, from where it will emerge one day to jump-start the economy."

Also, "the real unemployment rate....is at 17.5%" and gas will probably hit $4 this summer.

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