"I wonder if Roach realizes that we NEED a protracted recession to clean up the bubble excesses and prepare the way for a strong rebound. No pain no gain!"
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George....
No way of knowing for sure, but I think he would agree with that statement. Probably everyone who recognizes that Greenspan blew it (and continues to do so) understands that as does anyone who understands what the bubble did to our economy.
For myself, I think it does not matter whether or not we "need" it - it is unavoidable. The economy cannot recover until the consumer can reduce his record debt load so he has access to capital once again, and business needs both to reduce debt and capacity. Corporate America cannot recover until the consumer does, and that will take a while.
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