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Re: Economy shrinks for first time in 3 1/2 years
Leadership by it's lonesome can't resurrect structural and sectoral devastation. Housing and Financial markets have clawed back (the latter at a much quicker pace), yet still have some ground to cover before losses are fully recouped. No overnight fixes were or are available.
That's correct, but a steep decline in net worth undeniably alters the spending and savings patterns of the average consumer. Think big picture here.People don't spend net worth, they spend personal income.
Net worth goes up and down and the problem is the net worth hasn't recovered because of very poor leadership and economic policies.
Leadership by it's lonesome can't resurrect structural and sectoral devastation. Housing and Financial markets have clawed back (the latter at a much quicker pace), yet still have some ground to cover before losses are fully recouped. No overnight fixes were or are available.