Phew

Newsweek: The Recession Is Over

“The Great Recession, which rolled over our financial lives like one of P.J. Keating's giant pavers, is most likely over,” Dan Gross writes in Newsweek. That’s as relief, but here’s the bad news: “Now that it's over, we'll need a new kind of recovery.... The Fed literally can't cut interest rates further—the overnight interest rate it controls is at zero.” Summarizing Obama’s strategy, Gross writes, “It means eschewing the blunt economic instruments we've always used and focusing resources and rhetoric on strategic sectors: renewable energy/green technology, infrastructure, broadband, and health care. It means making investments to run vital systems more intelligently and efficiently, thus creating a new infrastructure on which the private sector can work its magic.”