Paul Kasriel and his team at Northern Trust were way ahead of the curve in calling the economic decline. They are as good as they come in economic forecasting. In their March 20 Economic Review they, for the first time in this cycle, see some light at the end of the tunnel. It is a meaty article, and well worth your time.
Among the things touched upon are the sharp increase in housing affordability, and the huge difference between the growth in money supply in the current contraction and what happened to money supply in the depression of the 1930’s.
Click Here to link with the Northern Trust, Click on Economic Research, then choose March 2009.