So where are we in this recovery? A listener to my radio show asked me that question.

Now, I could have had a career in being wrong. Nonetheless, here are a few thoughts:

1. We have stabilized. No more talk of half our banks crashing or other huge companies taking the gas. Patient had a heart attack, nearly croaked. Today he is taking two-mile walks.

2. Economy is about to grow. Probably not vigorously, nor explosively. To have dramatic growth we need a ton of investing. Thus far, not many signs of that major investment.

3. Obviously the recession destroyed millions of jobs. This is the “destruction” part of the phenomenon known as “creative destruction.”  A healthy recovery would tilt toward “creative.” That is, lots of new ventures and lots of expansion of established business. Those new ventures would create new jobs to replace those destroyed. The expansions would do the same. We have not seen a lot of the creative forces yet. Unless we do, unemployment numbers will stay high.

4. We are not short of money to fund expansion, to fund new ventures.  Americans are saving a lot these days. That money is piling up in banks and bonds and money markets. To be loaned to businesses. The banks can also tap into immense amounts of money from the Fed. To loan to businesses.  Companies have also been building reserves.