So today the Feds say the recession is at bottom and about to wrap up its third act so we can now listen to a new national story called the “long slow recovery….
The story is definatwly shifting because the media needs a new tune. But really you could say that calling a recovery dosn’t mean alot if unemployment- which is really an under-reported statistic–stays at 9.8 percent for all of 2010!!
The housing market has got to be scraping bottom now in my opinion but the issue is– we might be here at bottom for all of 2010 if unemployment doesn’t drop into the 8 percent range.
Listen to how the new york times reported the fed today- you can hear the theme song for the next 18 months in here – get used to it …
“The most recent forecasts by Fed policy makers say that the economy will begin an unusually slow recovery in the second half of this year and pick up speed only gradually in 2010. Even if all goes according to plan, the Fed envisions that unemployment will climb from its already high level of 9.4 percent and average as much as 9.8 percent through the end of 2010.”