The punch line: "Historically, a deep recession would usually be followed by a sharp recovery. What's different this time? Bill McBride notes that it's harder to recover from a collapsed credit bubble, and two key drivers of many postwar recession recoveries -- lower rates from the Fed abd resurgence in the housing sector -- are not going to help us this time.
What I'm still seeing is what I had been expecting and what I continue to expect for the rest of this year -- weak growth, but growth nevertheless".
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