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Political Economy

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    The San Francisco Fed's portrait of recovery

    By Steve Perry | Published Wed, May 20 2009 6:47 am

    Via Economist's View, here's a snapshot of the Federal Reserve Bank of San Francisco's projection for the arc of the economy. It's a graphic illustration of what a "prolonged U-shaped recession"--which is now the consensus of most economic forecasters--looks like. As you can see, it makes the sluggish post-2001 recovery seem robust by comparison. And the FRBSF is assuming that the economy has already bottomed out, which remains to be seen.

    Here's the FedViews release.

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    Illustration by Hugh Bennewitz

    minnpost.com/steveperry


    Steve Perry is a widely published critic of politics, culture and the arts whose work has appeared in Rolling Stone, Spin, Counterpunch, LA Weekly, the Boston Phoenix, London City Limits and Salon. He began his journalistic career as a music critic for City Pages back in 1984. He was editor of City Pages from 1989-1997 and 2002-2007. In addition, he is also a former contributing editor to Musician magazine and the acclaimed music industry newsletter Rock and Roll Confidential. Perry was most recently editor of the Minnesota Independent.

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