How short sighted the human kind as a culture has become. Couple of months back most of the people were not seeing any end to the bottom. Most of the people in the street were not ready to believe on the undying spirit of the man on the road and his ability to bounce back. The people on Wall street and Dalal street with lenses coloured with complex mathematical and computational tool were sending one after another the message of doom.
The economy showed sign of recovery before any one could forecast, it will. The wall street and Dalal street became impatient and now they do not want to see the end of the road in the other direction. Everyone wants recovery as if there is no other day to progress. The habit of leaving from quarter to quarter in wall street has brought so much short sightedness into the main street that no one wants to think beyond the day in hand.
Whether the recession is over or not is more of an academic question. The more important question is can we put a framework which provides a sustainable growth for every one without bringing the risk of earthquakes and tsunami's. Faster growth is not bad but is desirable but with all the safety nets in place.