Monday, July 23, 2012

Why We're Not Even Close to a Robust Recovery

Nouriel Roubini, Slate
By Nouriel Roubini|Posted Sunday, July 22, 2012, at 7:30 AM ETPhotograph by Justin Sullivan/Getty Images.While the risk of a disorderly crisis in the eurozone is well recognized, a more sanguine view of the United States has prevailed. For the last three years, the consensus has been that the U.S. economy was on the verge of a robust and self-sustaining recovery that would restore above-potential growth. That turned out to be wrong, as a painful process of balance-sheet deleveraging"”reflecting excessive private-sector debt, and then its carryover to the public...

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