Saturday, July 25, 2009

"The recession is over."

Ottawa — From Friday's Globe and Mail Last updated on Friday, Jul. 24, 2009 10:24AM EDT

"A billboard appears along U.S. Interstate 95 in Rhode Island. The Recession 101 campaign, which started in the state in July, was funded by an anonymous East Coast donor who was despondent about the way the country was reacting to the economy’s tailspin. It’s appearing on over 1,000 billboards across the U.S.

"Canada's central bank predicts the economy would expand this quarter, but Carney says recovery will drag well into 2010."

Kevin Carmichael

An "anonymous donor, eh? Would that be somebody eager to encourage the Happy Talk and "consumer confidence" that bodes well for, say Goldman Sachs? Mark Carney, the optimistic head of the Bank of Canada, is a GSax alumnus I hear, as is Hank Paulson, who engineered a bank bailout that in its original form could not be reviewed by any American court.

Meanwhile in the "emperor has no clothes" camp, people like Paul Craig Roberts point out that the American economy now consists of finance and services, and therefore, apart from the armaments industries, no recovery is on the horizon, at all.