Rebutting the Recovery: Opinion
NEW YORK (Bullion Bulls Canada) -- The U.S. recovery is like one of the Simpsons episodes featuring mythical daredevil Captain Lance Murdock. After performing one of his heroic stunts, and inevitably ending up with his shattered body in a crumpled heap, he shakily raises one hand to give the "thumbs up" sign, and then we hear in the background the announcer proclaim, "He's all right!"
Observe the following crashes, and the "recoveries"(?) that followed:
However, even clever Simpsons humor ceases to be funny if one is forced to watch/listen to the same joke, day after day, for nearly three years. The U.S. mainstream media is not nearly as clever/funny as the Simpsons.
Case in point, observe Bloomberg's latest version
Service producers are taking over from manufacturing as the driver of the almost three-year-old U.S. economic expansion.
The end of the recession in June 2009 triggered the biggest surge in production in a decade, propelled by rising demand from overseas and the need to replenish inventories and upgrade equipment. That is now giving way to increasing sales at places like restaurants, transportation companies and temporary-help agencies, leading to gains in employment that have bolstered the world's largest economy.
Let's dissect the first part of the joke first: "services" are taking over from "manufacturing" as the supposed drivers of this mythical economic recovery.