Two years ago, in June 2009, the American economy emerged from recession, according to the National Bureau of Economic Research. But as this week’s Economist noted, with typical British understatement, “The recovery has been a disappointment.”
And maybe not a recovery for long. Robert Shiller, the economist who first identified the housing bubble, said last week that we may be headed for recession again. “Whether we call it a double dip or not,” he told Reuters, “there is a risk.”
His Case-Shiller housing price index indicated that home prices in March slumped to levels not seen since March 2003, and Shiller says they may keep falling for 20 years.
As I look back on these years of economic tumult, I sometimes think of an off-the-record session arranged by National Review with Treasury Secretary Henry Paulson back in the fall of 2007.
June 20, 2011 | Categories: 2012 Election, Agency Regulation, America's Freedoms, Cloward and Piven Strategy, Congress, Constitution, Constitutional Responsibilities, Corruption in Government, Economic Security, Economic Terrorism, Education, Elections Politics, Excessive Government Spending, Freedom Justice and Liberty, Government, House of Representatives, Jobs, Learn from History, Liberals Big Spending and Taxes, Manufactured Crisis, Media Corruption, Most Americans Reject Socialism, National Security, New Media News, Political Incompetence, Politically Intentioned Crisis, Progressives pushing for Marxism/Socialism, Public Sector (Government), Senate, Stock Market, Banks & Financial Institutions, TEA Taxed Enough Already, The Economy, Undermining Constitution, Unemployment | Tags: British understatement, depression, excessive spending, Free Enterprise to Future, government, government does not grow economies, liberals crash economies, NBER, recession, recovery?, Sec. Paulson, socialism, the Past, U. S. Treasury | Leave A Comment »