Friday, July 29, 2011

Month’s End

The Lehmann Letter SM

July concluded on dismal notes.

Default talks in Washington are not resolved and the Commerce Department reported that second-quarter GDP grew at a puny 1.3%.

Today’s New York Times carried a good article on the slow recovery. It finds that weak household balance sheets have impeded the recovery:

We may avoid default in the coming days, but household balance sheets will require more time to repair.

© 2011 Michael B. Lehmann

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