This is Not a Recovery, and Pakistan is Going Down the Drain

Paul Krugman comments on the upcoming speech by Ben Bernanke in Jackson Hole Wyo..

At some susbsistence level the US Economy will go like ``The Little Engine that Could.'' Nevertheless that is not enough. Tell that to the people of Pakistan under the Hundred Year Flood.

Straight talk by Krugman:

``In the case of the Fed, admitting that the economy isn’t recovering would put the institution under pressure to do more. And so far, at least, the Fed seems more afraid of the possible loss of face if it tries to help the economy and fails than it is of the costs to the American people if it does nothing, and settles for a recovery that isn’t.''

Hard times.