NYT columnist Paul Krugman says the Fed is very optimistic re: a recovery soon because they expect a strong rebound in business investment.
Wonder what they are smoking? A modest rebound in business investment is a reasonable expectation, but a strong jump? And any increase in business investment will almost certainly be swamped by further substantial consumer retrenchment.
Still more evidence od how out of touch with reality the Fed and much of the financial establishment still is IMHO.
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