All the happy talk about the Dow hitting 10,000, all the talk about how the recession is “officially” over, and all the talk about “green shoots” makes me sad. Sad for the people who believe this stuff. The United States is not right around the corner from a recovery. That’s a fact.
Foreclosures will continue, retail sales will drop lower, jobs will be lost, businesses will be shuttered. Remember that the news industry is on a 24/7 cycle, so they will report every little up and every little down. An ‘up’ is not really an ‘up’ until there is a pattern of ‘upness’. If there is no pattern, then the ‘up’ was merely a blip. That’s how recoveries happen. Gradually. We’re in this for a long time to come.