July 31, 2009

Happy Days Are Here Again

It's good that the recession is over. I don't know how much more we could have taken. Things should shortly return to normal, the Dow should move back up to 14,000, unemployment will move below 5%, and housing prices will regain their 2006 levels. It was a close call but effective and timely government intervention saved the day.

With housing prices restored, equity borrowing and refinancing can resume and the consumer economy will become again the dynamo of world commerce. Chinese manufacturers will have a reliable market for their goods, the Big 3 automakers in the USA will rehire their laid off assembly line workers, oil prices will stabilize, and inflation will remain under control.

The war in Afghanistan, thanks to the Obama surge, will at last be won and added to the victory column next to Iraq.

State and local governments will balance their budgets, tax revenue will increase, Social Security will remain solvent and Medicare will continue to provide health care to the aged.

The very land will flow with milk and honey, a heavenly choir will sing at sunrise, and a lamp will appear at your feet to light your way at night.

It was a near thing. I hope we've learned our lesson.

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