1) 2) Oct. 9 (Bloomberg) -- White House economic adviser Lawrence Summers rejected the notion that the U.S. faces an extended period of below-average growth and high unemployment in the wake of the worst recession since the 1930s. âI would be very reluctant to accept the idea that the American economy no longer has the potential to grow rapidly,â Summers told a forum in New York yesterday organized by Bloomberg LP, the parent of Bloomberg News. âThe American people have not become less capable of entrepreneurship. They have not become less dedicated to hard work, and the productive potential of this economy has not declined.â Mohamed El-Erian, the chief executive officer of Pacific Investment Management Co., has said the U.S. is entering a ânew normalâ -- a sustained period of annual growth of about 2 percent where credit and jobs are less plentiful. In the five years before the recession began at the end of 2007, gross domestic product expanded at an average annual rate of 2.8 percent. http://www.bloomberg.com/apps/news?pid=20603037&sid=awkCb_.i0w4s
Mohamed El-Erian, the chief executive officer of Pacific Investment Management Co., has said the U.S. is entering a ânew normalâ ------------------------ Gee whiz, I recall the term "new normal" being used during tech boom, when shit doesn't add up it is now the "new normal". (can't think of who said it at the moment but someone prominent)