"Recovery summer," a few years on.
How to make a silk purse: First you hand Barack Obama a sow's ear. He'll explain it may look pretty bad, but it's really pretty good. Like the latest jobs report, which only an incumbent president could profess to love. Here's how this president presents it: "Today we learned that after losing around 800,000 jobs a month when I took office, business once again added jobs for the 30th month in a row, a total of 4.6 million jobs."
With more and more people leaving the employment rolls, it's looking like we're going to need another "recovery summer" for the economy to bounce back! Then again, considering how the last two recovery summers went, do we really want another one?
During the week of July 17, 2011 the market closed at 12,143.24. In the past 14 trading days the Down Jones Industrial Average has lost six percent of its value. Worse yet, since the week of April 25, 2011 the market has lost more than 11 percent of its value.
Treasury Secretary Geithner: "I think for a lot of people, it's going to feel very hard...harder than anything they've experienced in their lifetime...for a long time to come."