In a chat with Barron's last week, Vincent Reinhart [former head of the Fed's monitary affairs division] said the chances of a double-dip recession are growing. That, he points out, was the fate of seven of the 15 countries he studied. And so far the U.S. has fared worse in the five years since asset values peaked in 2006 than the median performance of the 15 nations in his report over a similar time span. The median for those 15 saw real GDP per capita rise 3.7%, while the U.S. reading fell 2.2%. Real equity prices were up 4.6% for the median, but down 15.6% for the U.S. And U.S. real home prices fell 37.9%, against the median's drop of 26.8% (see table). [barrons]
Take that Baker!