August 18, 2003
Why This "Recovery" is So Unstable
The Wall Street Journal writes that the real dangerous thing about this "recovery" is that the mortgage bubble and Federal Reserve and fiscal policy have been injecting the equivalent of steroids into the economy and the results have still been only anemic. Unless the economy find self-sustaining growth, subtract the recent tax checks mailed out and equity withdrawals from homes next year and we could see a serious crash.
This graph shows how remarkable the fiscal and monetary policy help to this recovery has been:
Posted by Nathan at August 18, 2003 10:37 AM