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I would say that to call this a recovery would be misleading. The economic indicators are pointing higher, but they also pointed higher before the economy collapsed due to asset depreciation brought on by the evaporation equity and liquidity. The problems that caused the collapse are still there, save the government liquidity backstop for the banks. As a matter of fact, most of the problems are exacerbated, ex. risk concentration in the banks, opacity in reporting (MTM), underwater RE and CRE, debt rollover schedules, and municipal and sovereign debt problems.