Unemployment in advanced economies will remain high until at least the end of 2013, cautions the...

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kwm3 Comments (2043)
 
Brilliant! They finally figured out that the massive 1999-2007 expansion and era of false prosperity was based on unsustainable, reckless credit expansion--and that condition no longer exists. The opposite is occurring from relative levels and, hence, the world economy is contracting in the manner of a slow motion train wreck. Jobs are simply gone, going going gone. Especially since housing comprised between 20-40% of the economy, depending on which analysis you believe, and that's gone for a decade or more.
10 Jul 2012, 09:43 AM Reply Like

Ray Lopez Comments (1352)
 
I agree in the main, but keep in mind housing was more like 5% of the economy, the 1999-2007 expansion was more like 1981 - 2007, credit is vital to an economy so arguably the Great Recession and stalled recovery was due to a demand imbalance and not structural (I don't buy that, but that's the conventional wisdom).
10 Jul 2012, 04:53 PM Reply Like

Hendershott Comments (1066)
 
What's magic about 2013 that turns around employment?
10 Jul 2012, 06:08 PM Reply Like