Comments from Jim Hagerbaumer, Economist
Concluding remarks and food for thought.
• It now becomes inconceivable that the Fed will hike anytime before 2013.
• Monetary and fiscal policy are out of ammo. There will be no cavalry riding to the rescue.
• The Dow has wandered all over the reservation today – a sign of confusion and of what to expect in the months ahead.
• The country is bereft of any leadership whatsoever that understands what is going on.
• Growth of 2% or less the next year and beyond absolutely implies a rising unemployment rate.
• You are going to see a flurry of badly-designed, incoherent, counterproductive policies floated by this White House and Congresspersons on both sides of the aisle who want more than anything to get reelected as the reality of what I am saying here sinks in.
• Never in your business career has it been more important to access the creativity of your own brain and those of your staff. Hard prudential running of “the bank” will be well served and complemented by ideas you never entertained before. But so it must be to prosper in an environment you never before have experienced either!
Jim Hagerbaumer, Ph.D.