Perkypants alert!

Bob Morris, on Mar 21, 2009, 12:30 am

sponge bob

B of NY economist sees recession ending this summer

(“Mr. Perkypants” is what Sue called me after one of my unfortunate bursts of optimism amidst the gloom and doom)

Sue
“Meanwhile, Hoey does not see a major rebound in housing prices in 2009-2011 and expects prices to linger at depressed levels for some time to come.
“Unemployment rates are going to worsen around the world, with the U.S. reaching 9-10% versus Hoey’s previous projection of 8.5-9%, he said.
So … there’s going to be a recovery, except for that pesky consumer component?
How will the economy recover, without the consumer spending?