Behold The Achievements!
Don’t look to Jan Hatzius, the highly respected chief economist at Goldman Sachs, for a pep talk on the near-term state of the economy. As he writes in a client note today:We see two main scenarios for the economy over the next 6-9 months — a fairly bad one in which the economy grows at a 1˝%-2 percent rate through the middle of next year and the unemployment rate rises moderately to 10 percent, and a very bad one in which the economy returns to an outright recession. There is not much probability of a significantly better outcome. The reason is that “short-cycle” factors such as the inventory cycle and the impulse from fiscal policy are likely to continue deteriorating through early 2011, keeping G.D.P. growth very sluggish.
(Emphasis supplied.) Welcome to your new reality.
Speaking for me only
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