Sep 092012
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With no rebound in sight, there’s never been a slump like this

A trillion dollars has gone missing in the United States.

That enormous sum is the difference between the Bank of Canada’s current estimate of how big U.S. gross domestic product will be in 2015 and what the central bank projected four years ago, before the collapse of Lehman Brothers Holdings Inc. brought the world economy to its knees in September, 2008.

“Even in this room, that’s a big number,” Bank of Canada Governor Mark Carney quipped in front of a high-powered audience in Calgary on Friday.

The U.S. recession technically ended in June, 2009. But the prosperity of the previous decade and a half has not returned, as anemic growth fails to achieve what economists call “escape velocity.”…

With no rebound in sight, there's never been a slump like this

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