It would be fitting that the "W" administration would stick us with a "W" shaped economic crisis, but now there's a risk of adding another "V" to it. If only Bush was the only leader involved in this fiasco though. Clinton played his role in all of this and Obama thought it made sense to hire the friends-of-Robert-Rubin crowd who still don't find it necessary to curb the destructive excesses of Wall Street. Deutsche Bank Chief Economist Norbert Walter on CNBC:
Norbert said recently in research notes “the world is in trouble.”
“I believe that the rescue packages brought on have been so costly for so many governments that the exit from this fiscal policy will be very painful, very painful indeed,” he said. “Some of us are already talking about a W-shaped recovery. I’d probably talk about a triple-U-shaped recovery because there are so many stumbling blocks here to get out of this.”
“There are a few countries that have not dismissed people, they had a dramatic drop in their sales but they kept on people because they believed the recession would be very shallow,” Walter said. “They now have to fire people. That will increase unemployment and they therefore, of course, may be endangering retail sales in some countries.”
