The biggest question that is still unanswered after the 2007-2009 financial crisis is: why has growth been so slow? Compared to previous recessions, both in the US and in Europe, the rebound has felt more like an extension of the crisis rather than like a proper recovery, as in previous cases.
Almost two years ago, economist Andrew Smithers warned that US companies themselves were endangering the recovery. Little has changed since then, but public awareness of the problem is increasing, and with it, hopes that a solution is around the corner.
The FTSE 100 closed at a new record high, exceeding the previous record high it had set on December 30, 1999. And suddenly, taxi drivers in London can be heard once again saying that they’re thinking about investing in shares.