The Sunday NYTimes has this survey of the 4 letters of the alternative shapes of our hoped-for recovery.

I’m still the L-guy.

You?  You can have a “V” — quick, sharp recovery. Think basketball bouncing.  I don’t think so.

You can have your “U” — strong recovery, but a bit delayed.  Think yo-yo with a delayed spin at the botton.  I don’t see the recovery — nor do any of the major economists.

You can worry about a “W” — and I’ll worry with you: a bit of a recovery followed by a falter.

For the long run, I’m sticking with the “L” — years and years of very slow growth — no real ‘recovery’ at all.