So a double shot of good news today if you’re a balding bearded baron of banking. One, a majority of economists polled by the WSJ say the recession is over, and two, 71% of those same economists think Ben will get to keep his job for another term.
“He deserves a lot of credit for stabilizing the financial markets,” said Joseph Carson of AllianceBernstein. “Confidence in recovery would be damaged if he was not reappointed.”
I…we’re really not prepared to handle good news here at LOLFed. This positivity frightens and confuses me. Um, way to go Ben?
Naturally, just because the recession may or may not be over based on some rapidly-improving productivity numbers and a projected GDP growth, that doesn’t mean that any of you will get your jobs back right away. Indeed, unemployment is still expected to march ever onwards towards 10% by the end of the year before falling in January or thereabouts. But after that, it’s onto the temporary prosperity of the next bubble!
Weston // Aug 12, 2009 at 11:09 am
i don’t think Krugman agrees. Where da jobs at yo.
Jason // Aug 12, 2009 at 11:15 am
I just kind of guessed that Krugman and Roubini were not among those polled, because you can generally assume what they’re going to say without having to ask. Not to say either of them is right or wrong, but they’re not exactly renowned for their optimism.
Without looking up numbers because that’s venturing into “research” territory, I do recall that the end of every recession I remember since I started paying attention was a jobless recovery, where employers boosted productivity while keeping job numbers (and often wages) static for as long as possible. As much as a year may pass after the end of the recession before employment numbers really show signs of recovery.
Words from the (investment) wise August 30, 2009 | The Big Picture // Aug 30, 2009 at 9:01 am
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Fin/Inv » Blog Archive » Words from the (investment) wise August 30, 2009 // Sep 10, 2009 at 8:30 am
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