The Flinchum File
Thoughtful Economic Analysis and Existential Opinions

Pat . . . pat . . . pat . . .

07/15/2010

That’s the sound of me patting myself on the back. Tuesday, the Fed changed their position, saying the economy was weaker than they earlier expected and that it could take 5-6 years for the economy to fully recover. Long time readers know I have been expecting a Nike Swoosh type of recovery, not V-shaped, nor W-shaped, but a long, hard slog back to recovery, primarily because it takes a long time to de-leverage. Glad to see the Fed with their acres of economists finally caught up! OK, I apologize and promise not to gloat anymore. But, it did make my whole day . . .

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