David Rosenberg in Barron's has this to say:
Dave systematically proceeds to show why that's pure, unadulterated bunk.
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To wit: We have lost 6.2 million jobs since then. The unemployment rate is 10.2% now, versus 6.2% the day before Lehman collapsed. Even with the nascent midyear recovery, real gross domestic product is still down 3% since the summer of 2008. Housing starts are down 30%. Auto sales are down 23%. Bank credit has contracted by $500 billion, or 8%. Household net worth is down $7 trillion.
There's more: Home prices are down an average of 10%. Office-vacancy rates are up 3.5 percentage points, to 17.2%. Apartment-vacancy rates are up a percentage point to 11.1%. Consumer confidence is down 11 points. The budget deficit has tripled.
If, Dave says wryly, this is "vastly better off," he shudders to think what "worse off" would look like.
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By any measure, Timmy Geithner is found wanting!
Why is it that only the Chinese that laugh at his incompetence?
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