Are Economists RETARDED???
It would be the only medical explanation I can come up with to try to understand why collectively so many see a second half recovery which seems so obviously ridiculous.....actually, I may be insulting the mentally challenged population by grouping Economists with them.
We know currently there are tens of millions of unemployed and underemployed Americans.
We know that companies have record low interest in adding jobs at the present.
We know that cities and states are faced with MASSIVE budget shortfalls likely resulting in bankruptcies, MASSIVE spending cuts including wage cuts, benefit cuts, and job cuts.
We know that America faces and incredibly large number of residential and commercial mortgage defaults and foreclosures.
We know that commercial vacancies are skyrocketing and the values of commercial properties are crashing.
We know that the Federal Deficit is soooo large that it is likely to crowd out private borrowing and cause interest rates to rise substantially.....we have already seen rates rise a record percentage in the past few months.
We know that bankruptcies are currently being filed at record or near record levels.
We know that tens of millions more Americans are likely to face job losses, wage cuts, and benefit cuts.
Health Care providers are facing HUGE stresses. Government is runnning out of money....and the Consumer is tapped out with little access to credit and a terrible income outlook with a HUGE debt overhang.
We know that many countries around the world are facing similar issues as America.
So please explain how when conditions in every catagory are GETTING WORSE....not better.....that anyone can even fantasize about a second half recovery until we purge an unsustainable level of debt and move down the road or job recovery.
DEPRESSION GUARANTEED BY ALSTRYNOMICS!!!!!