End of Recession?

I think I’ve adequately demonstrated that I’m no economics or finance expert. That doesn’t stop me from weighing in on economics, finance, and other things I’m no expert on. So, here I go again.

During this past week, we’ve seen reports from JP Morgan Chase, Goldman Sachs and Bank of America that they made billions in profits during the second quarter. Mere months ago, they were on the verge of collapse, requiring billions of bailout money from taxpayers. Despite Secretary of Treasury Geithner’s conclusion that things are turning around and that it’s not unreasonable for these institutions to be hoarding money for bonuses to be paid later this year, forgive me for being a bit skeptical.

These reports and Geithner’s pontification aren’t likely to resonate with the millions of Americans who remain unemployed, who are still being laid off, and who worry every day because their employers are on the verge of insolvency. Call be a cynic, but I can’t help wondering if all the talk of the recession’s end isn’t a form of pandering to our insatiable desire for a quick fix.

I’m pulling for the Obama administration in its effort to turn the economy around. I’m pulling for the banks. I’m pulling for the unemployed. But if I’m not mistaken, this recession has been repeatedly compared with the Great Depression. Unless these comparisons have been wildly overstated, our economic recovery will take years, not months. That the big dogs of the financial world are already talking about big bonuses says to me that we’re still in for big trouble.

Note to employers and employees. Be afraid. Be very afraid.