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I've been generous in not placing a whole lot of blame on Uncle Alan, because I think rasing and lowering short term interest rates to regulate a stock market overrun by momentum traders is like trying to put out a volcano with a water pistol. But the most polite I can be about the quote you cited is to call it self-congratulatory hooey.

The effects of the bear market cannot be measured by whether or not the economy is "growing" (for how long?). These are legacy effects: long term deficits to federal, state, and local budgets; current and baby boomer formerly middle class retirees at best curtailing expenditures to make their funds last, many ending in poverty or requiring vast redirecting of resources to keep their lives from squallor; an overall emphasis on saving to make up for losses leading to an enduring slow economy, perhaps a spiral into depression, temporarily glossed over by government spending increases and the housing boom.

Anyone who thinks they can spin what has happened into "what me worry" has me worried.
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