At least in a modern economic sense, here is what "Recovery" really means.
Imagine a heroin addict on a next-day crash. Now picture our poor friend at the clinic describing all of the symptoms of his current deplorable condition to his neo-Keynesian doctors. Finally, picture them solving his woes by doubling the normal amount of heroin in the addict's body. He walks out of the office high as a kite. And no need to concern yourself with those nasty track marks. That's a lagging indicator.
Of course this analogy isn't complete without a group of sanctified media heads commenting on how wonderful he looks compared to just a few hours ago. Oh, and a Nobel Prize winning economist openly questioning whether he was given enough heroin in the first place.
David in Qatar