So here we are five years after the collapse of Lehman Brothers and the start of the “Great Financial Meltdown” that threatened to destroy the US economy.  As I wrote at the time we were fortunate at that time to have three men who led a very creative defense of our financial industry and save the day.  I speak of Fed Chairman Ben Bernanke, then Treasury Secretary Hank Paulson and his successor Tim Geithner.  Go back and read my blogs about how they saved the day.

In spite of their daring and creative successful effort to save our financial sector, the “Economic Troika” did not prevent the “Great Recession” that has led to the “new normal” economy.   Four years after the official end to the “Great Recession” unemployment is still at what used to be considered to be an unacceptable level, 7.4%, but has now become the new norm.  Growth still plods along at less than 2% per year when a minimum of 3% per year is needed to get back to what was considered to be normal growth since the birth of the republic. 

On this somber anniversary we now see the Federal Reserve considering an end to its critical “quantitative easing (QE)” purchasing of Federal bonds to pump funds into the market.   This move will simply insure that the “new normal” will continue to rule our economy and memories about what was, will continue to be just that, memories.