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Friday, July 10, 2009

Great Recession Roundup — July 10, 2009

Items of Interest:

Robert Reich / Robert Reich's Blog:
When Will The Recovery Begin? Never. -- The so-called "green shoots" of recovery are turning brown in the scorching summer sun. In fact, the whole debate about when and how a recovery will begin is wrongly framed....

All we know is the current economy can't "recover" because it can't go back to where it was before the crash. So instead of asking when the recovery will start, we should be asking when and how the new economy will begin...

discussion:
Felix Salmon: The X-shaped recovery — Robert Reich blogs the recovery …
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Paul Krugman / New York Times:
The Stimulus Trap — As soon as the Obama administration-in-waiting announced its stimulus plan — this was before Inauguration Day — some of us worried that the plan would prove inadequate. And we also worried that it might be hard, as a political matter, to come back for another round...
discussion:
No Sheeples Here!: America Ensnared By The “Stimulus Trap”
related:
Phil Izzo / Wall Street Journal:
Economists Oppose More Stimulus -- Most economists believe the U.S. doesn't need another round of stimulus now despite expectations of continued severe job losses.

Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary...

"The mother of all jobless recoveries is coming down the pike," said Allen Sinai of Decision Economics...
discussion:
Philip Klein / American Spectator: The Night and Day Economy
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Derek Thompson / The Atlantic:
It's Not Just a Recession. It's a Mancession! -- What is a mancession, you ask? It's not this. It's a recession that hurts men much more than women, and we are allegedly in the worst mancession in recent history. Eighty percent of job losses in the last two years were among men, said AEI scholar Christina Hoff Summers, and it could get worse...

Male versus Female Unemployment from January 2006 to May 2009----
Chris Hawley / USA Today:
With USA in a recession, rural Mexico feels the pain -- Across Mexico, desperation is increasing among the millions of families who depend on money sent home by relatives in the United States. Those money transfers suffered an unprecedented drop in May, falling 20% — to $1.9 billion — compared to the previous year, according to the Bank of Mexico. That's because the recession has left many migrants unable to find jobs in the USA, especially in construction...

The Border Patrol says the number of illegal migrants apprehended last year fell to the lowest level since 1973 as the down economy and tighter border controls discouraged many from entering the USA...
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Dante Chinni / The Christian Science Monitor:
How the recession may remake American communities -- In every community we’ve visited since January, one common thought has surfaced: The United States is changing dramatically and will look very different in 10 years.

There is not much agreement on what the future will look like. After all, the effects of the socioeconomic restructuring will be very different in different places. But a few early trends are emerging...
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zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia

Gold / Oil

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