Thank Gawd we had the recovery summer of 2011 or it would REALLY be bad! /s
I thought 2009 was “the summer of recovery”
There was a recovery in 2011?
Why has this information been concealed up to now?
That was a somewhat extended “dead cat bounce”, propped up by various injections of “quantitative easement” funds primarily to big players, and not down on the street.
This is not, and has not, been a recession for a while now. It is Great Depression II, extended and prolonged by the very measures that were supposed to “solve” the lack of liquidity and stagnant growth. The difference between this situation and Jimmy Carter’s stagflation, is that the artificial suppression of interest rates had temporarily deferred price rise, but that cushion is now disappeared, with prices rising inexortably in both food and, yes, energy. Coal is being priced out of competition, due to restrictions on emissions (just like Obama promised), and only the fact that natural gas has become comparatively VERY cheap, has the price of generating electricity not yet gone through the roof. This regime has done just about everything they can, through selective enforcement of regulatory authority, to prevent the recovery and wide distribution of the new sources of petroleum available through the fracking process.
This has reflected negatively on consumer demand for hard goods, even those imported from China (which, strangely enough, is also impacting the Chinese economy), and on any rebound in the real estate market.
And now we have misplaced emphasis on stimulus, helping the buggy whip factories stay open, at the expense of the public treasury, without trying to adapt the buggy whip manufacturing facilities to high-tech environments that employ intelligent decision-making management and economic allocation of scarce resources.
Applying the expertise of Bain Capital or other similar venture capitalists to firms like Solyndra, Evergreen Solar and SpectraWatt, to make them truly “mean and lean” as well as simply “green”, was a course of action apparently not even considered by the current regime.