Matt Taibbi says it depends on whether you’re standing on Wall Street or Main Street, on his blog at Rolling Stone:
“Everyone agrees that the recession is over.” – Larry Summers, director of the National Economic Council
“Of course not.” – Outgoing Council of Economic Advisers Chairwoman Christina Romer, when asked if the recession was over.
The two senior White House economic advisers made their comments on the same day…
If you’re on Wall Street, and you’ve seen the stock markets recover and the banks go from virtual insolvency two years ago back to record profit numbers now, then like Summers you’ll think “everybody agrees” that the recession is over.
If however you’re just some schmuck looking for a job somewhere outside the Beltway and/or lower Manhattan, and you’re noticing that the only easy job openings this year were temp gig taking census surveys (and even those have dried up), then your view of things is going to be no way the recession has ended, “of course not.”…
[continues at Rolling Stone]