Our economy is not ready to stand on its own according to the Federal Reserve as of its latest meeting ended Wednesday of this week. In fact, they believe it is not expanding as fast as earlier hoped, as they downgraded their characterization of growth from "a modest pace" to "a moderate pace." Their focus remains on the labor market which we learned today failed to meet expectations.

As the world recession eases there is much talk of a “new normal,” in the global economy, characterized by heightened government regulation, slower growth, and a shrinking role for the US. Anyone familiar with the history of booms and busts hardly disagrees with the premise, especially given the extensive damage wrought on the worlds’ credit infrastructure, the breakdown of fundamental investor trusts by regulators who increasingly blur the lines between public and private rights, and a consumer who is too tapped-out, over-leveraged, and over-taxed to consume us out of this one.