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U, V, L or W - a question over the shape of recovery

Business Times - 15 Apr 2009


U, V, L or W - a question over the shape of recovery

By LEON HADAR
WASHINGTON CORRESPONDENT

AFTER several months of depressing economic news and gloomy forecasts about the coming of Great Depression II, US President Barack Obama and his top economic aides are pointing to some progress on the horizon, including a rise in bank lending, easier credit for small businesses, and signs that economic stimulus spending is beginning to trickle down into infrastructure and energy projects.

Indeed, the US President referred to 'glimmers of hope' when he spoke with reporters after meeting members of his economic team as well as with government banking regulators and the chairman of the Federal Reserve in the White House on Friday.

'We feel very good about the progress that we're making in unlocking lending in some particular markets,' said Mr Obama, noting that Americans were starting to get their first cheques as part of the tax cuts included in the …