Tuesday, May 04, 2010

The Real Economy: A Whiff of Irrational Exuberance


The Real Economy: A Whiff of Irrational Exuberance - TheFiscalTimes.com: "Whew. I’m glad that’s over, aren’t you?First quarter GDP growth of 3.2 percent, a 3.6 percent jump in consumer spending, consumer confidence posting its strongest gain in years: Now that the Great Recession is behind us, we can get back to being a great nation again. Corporate bonds stand at almost back-to-normal levels compared to Treasuries, the stock market is up 70 percent from its low, and even patheticGMAC managed to pay off its TARP loan. Newsweek economics writer Daniel Gross captured the mood in a triumphant April cover story that touted the resilience of American enterprise and the creativity of homegrown corporations like Apple and Fisker Automotive, a maker of $87,000 electric cars: “America is Back!”

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