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Notes to myself, possibly of interest to others.
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Monday, October 4, 2010

Economy still on life support (from government)

Let’s go back then to the definition of a recession versus a depression. A recession is when the government is compelled to stimulate the private sector. A depression is when the government feels forced to sustain the private sector. As far as August was concerned, consumers would have mildly retrenched if not for the surge in transfer payments, which accounted for 70% (!) of the total growth in personal disposable income during the month. The economy remains on life support, pure and simple.---Rosenberg, op cit

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