In remarks at the University of San Diego, Federal Reserve Bank of San Francisco President Janet Yellen said that rather than experiencing a "V-shaped recovery," the economy will continue to be sluggish and won't be operating at its full potential until 2013.
As reasons, she cited consumer anxiety due to the high unemployment rate; a housing sector that "could weaken again"; "very nervous and exceedingly cost-conscious" businesses; and a commercial real estate market that won't contribute to growth "for some time."
For workers, though, her prognosis was particularly dire: the labor market will be slow to recover because businesses have learned that they can cut workers yet maintain output.
thinkahol * on 20 Dec 10There's a bumper sticker still clinging to the back of my old camper, bearing a phrase you've probably heard before or perhaps even uttered: "Subvert the Dominant Paradigm." At the time I'd placed this on the tailgate for display, it made perfect sense to me. The Dominant Paradigm was the one manufactured by the warmongers, corporateers, securitizers, and mediamen. The rest of us were living in a Subordinate Paradigm, and the path to our salvation lay in tearing down the one imposing itself upon us. Since those halcyon bumper-sticker days, however, I've come to see that this logic is actually inverted, and that in fact WE are the Dominant Paradigm while those ostensibly in charge are the ones who continually attempt to subvert it.
