At this rate, it’s going to take about 10 years to recover. Which is about right, considering how many jobs we’ve lost and how big the economic catastrophe was (don’t fool yourself, it was huge and Bush’s). Anybody who says we’ll be “fine” before then is probably selling something, or running for something. That doesn’t mean we can’t make changes now that will help tremendously in the decades ahead (we already did with HCR), but it does mean that most changes and a full recovery are still a decade ahead. That being said, we’ve seem to hit the national bottom.
WASHINGTON — The Federal Reserve’s survey of economic conditions found growth has spread to all parts of the country for the first time since the recession began.
The survey, released Wednesday and known as the Beige Book, is based on information collected from the Fed’s 12 regional bank districts. The last time the 12 regions all showed growth was in late 2007.
For region specific info, check the link…around these parts this is the status update…
DALLAS
(This region covers Texas and parts of New Mexico and Louisiana.)
Business activity improved in manufacturing, transportation services, housing and energy. Retail sales were flat or slightly down. Some high-tech manufacturers reported a slight weakening in demand for exports due to the European debt crisis. Housing demand improved as the homebuyer tax credit drove “a wave of buying.” Bankers said that commercial and industrial loans are increasing. Many potential mortgage borrowers are being turned down due to poor credit.
That last bit is a danger after any catastrophe. Banks got burned on their own bad bets, and the Feds had to step in, which gives two reasons why they’ll be more reluctant to give out cash in the future. I’m not particularly happy with the way FinReg went (is going), while the House bill cracked down on the worst of abuses of Wall Street, the Senate version, with its Wall Street-backed-Republican filibuster threats, isn’t so hot.
Robot Pirate Ninja 