What Letter Shape is the Recovery?

Lawrence Lindsey (former National Economic Council Director) gets its right. You should play this clip once and then play it over again. He puts a dagger in the "V" shaped recovery scenario for the same reasons that I do. He rather optimistically predicts the economy will have a "U" shaped recovery. He and I agree however, that since real incomes are down, credit is tight and job growth is non-existent there can be no strong and lasting rebound.