What the Heck Happened?
Opinion • December 2008 • Views: 500
It was springtime in the US. The most recent unemployment number was 5.0%, a slight tic down from the previous month and in line with the previous 12-month, fairly low, average of 4.8%. We were in a quarter of positive real economic growth, a 2.8% annual rate, following a previous quarter of positive growth. On May 19, the S&P 500 hit 1427, the highest point since January 3 and essentially where it ended the previous year…