And We Are Not Yet at the Bottom...
The Return of "Liquidationism"

I See No Green Shoots Here...

Macroeconomic Advisers estimates that GDP in the second quarter fell at a 1.3% annual rate:

cqgdp-Q2-2009 (06-16a).pdf (page 1 of 1)

Now we will get to see whether fiscal contraction by the states will set off another round of cliff-diving in the third quarter...

Had I known last November what I know now, I would then have been pushing federal fiscal stimulus at $800 billion rather than $400 billion per year.

Comments