Friday, September 4, 2009
“This Is ... a Ski-jump Recession, with Short-term Stimulus Creating a Bump That Will Ultimately Lead to a More Precipitous Decline Later"
Kevin Harrington, managing director at Clarium Capital Management LLC - which manages over $2 billion dollars - told Bloomberg:
If we have a recovery at all, it isn’t sustainable. This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later.
We haven’t fixed the problem. We’ve just slowed down the official recognition of it.