Last week's stock market turmoil was a reminder that America continues to struggle to recover from the financial collapse of 2008-2009. Benchmarks of our economic progress, or lack of it, are over 40 million people on food stamps, unemployment rates stuck over 9%, and GDP growth slowing, as it just missed expectations of 1.3% growth. The Obama Administration's massive deficit spending has almost doubled the publicly held debt which was $5.808 trillion on 9/30/08, or 40% of GDP, to an estimated $10.672 trillion as of 9/30/11, or almost 71% of GDP. This is all just in 3 fiscal years. The road to recovery for most people looks longer than anyone expected.
But the American economy, being what it is, there are bright spots for some people. From the March 15, 2011 Wall Street Journal:
Robert Rubin’s obstinate performance yesterday on Capitol Hill is sure to fuel popular disgust with the bank bailouts. Rubin appeared to be what he is, someone who has walked away with so much money that he doesn’t have to answer to anyone. When he was responsive, Rubin tried to claim that he had nothing to do with Citigroup’s meltdown. He also tried to make it complicated, which it is not.
On the first page of Citigroup’s just-issued 139-page proxy statement, Chairman Richard Parsons writes,
