In April 2008, various economic forecasters, including Mish’s Economic Trend Analysis, started projecting that we’d have an L-shaped recession, where the economy falls rapidly and then flat-lines for a long time. Considering the amount of time it would take to de-leverage and the illiquid nature of the bubble asset (housing), this made a lot of sense. But then, about a year later in April/May 2009, bloggers and eventually mainstream media began talking about and L-shaped recovery in both real estate and the stock market. What the heck is an L-shaped recovery?
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