The U.S. Economy Is Stuck In Waiting Room

Bill Fleckenstein MSN Money June 13, 2011

6/10/2011 12:42 PM ET

By Bill Fleckenstein, MSN Money

Talk of a recovery seems premature, as job, real-estate and budget woes continue to weigh on the economy. The path to a real recovery will be painful.

Related topics: stocks, economy, Federal Reserve, gold, Bill Fleckenstein

With the release of the most recent nonfarm payroll report, which cited only 54,000 jobs created compared with expectations of 165,000 (despite help from the Bureau of Labor Statistics' birth/death model), it should be quite clear that there is no self-sustaining recovery under way.

How bad has job creation been? I will let the Liscio Report answer that: "Private employment is 2% below where it was 10 years ago. As we've been pointing out for some time, job loss over a 10-year period is unprecedented in U.S. history since reasonable job counts began in 1890. So far, we've regained just 1.8 million of the 8.7 million jobs lost in the Great Recession and its aftermath, or about 1 in 5."

After the first round of juicing demand via the bond market by the Federal Reserve (i.e., QE1) did not do the job, the baton was passed to QE2. Now it is clear -- as evidenced by relentlessly sluggish employment -- that all those programs did was push asset prices higher without solving anything.

The debate over a possible QE3

Of course, they were never destined to be a solution, for the same reason you can't drink yourself sober.

In addition to the job market, the real-estate market has demonstrated that it won't be improved simply by money printing. It was a true bubble (as opposed to markets deemed to be bubbles by those who missed the two painfully obvious real ones in tech and housing) that burst, and home prices need to clear before the economy can regain its equilibrium. It is important to understand that markets clear at a different place (i.e., at different prices) after psychology has changed than they would have before.

Bill Fleckenstein

The economy was extremely warped as a result of both bubbles, and jobs were created (and were believed to be sound) that in fact would not have existed without the misallocation of capital caused by the bubbles. As if that weren't enough, the government is broke, as it is incapable of dealing with the massive issue of contingent-but-soon-to-be-actual liabilities (aka, the entitlements of Medicare and Social Security) that can't be fulfilled. In other words, we have a lot of work to do and a lot of pain to endure before this country will be back on anything resembling sound footing.

Speaking of pain, I would like to touch on the topic of stagflation, which has been the economic outcome I have expected in this country since the giant do-over created by the government and the Fed in the winter of 2008-09. The Financial Times, which is a great paper but has a horrible editorial philosophy, penned another of its misguided-but-largely-predictable articles earlier this month headlined "Dealing With the Evils of Stagflation" (registration required). In it, the FT argued for ignoring inflationary pressures and sticking with easy-money policies. You can expect to see a variation of this line of "logic" used by everyone with a similar mindset.

The article starts off talking about the economic problems and pressures caused by "stagnation and inflation," then notes, "In recent months, both the European Central Bank and the U.S. Federal Reserve have become more vocal in their desire to raise rates. This temptation must be resisted. The west's inflation problem stems from the voracious demand from Asia's new industrial powerhouses. This must give hope that a mild dose of stagflation is simply the temporary symptom of an inevitable economic shift."

A homeo-pathetic remedy

First of all, there's a big difference between the "desire to raise rates" and actually doing it. But apart from that, the FT's thesis -- that price hikes don't matter as long as they're for reasons that don't have anything to do with the expansion of the money supply -- is completely off the mark. Easy-money proponents will always argue that tightening should be avoided because inflation takes away money from consumers, therefore it is itself already "contractionary." This circular logic would have it that rising inflation will defeat inflation and therefore should not be battled.

That sort of thinking is nothing but a rationalization by people who don't want to believe the Fed is trapped by its easy-money policies. And it now appears that stock market bulls have become trapped right along with the Fed. The late selloff June 7 following Chairman Ben Bernanke's speech, I think, indicates that the bulls were expecting a quick fix. They seem not to have realized they are in a Catch-22 of needing stock prices to go lower to get the easy money they need to take them higher.

In fact, I expect the trend for stock prices is likely to be downward for the next little while, but that does not mean it will be easy to sell stocks short. As folks try to time the arrival of QE3, an anticipated third burst of Fed bond-buying, I expect volatility to increase. So we are back to a rather uninteresting market where the short side is not really attractive, except tactically, while the long side is too dangerous (apart from money-printing beneficiaries, although those have recently been weak as well).

Gold's future may be made in USA

Precious metals stocks were abysmal performers yet again last week and may continue to be frustrating until psychology changes regarding the long-term outlook for gold -- particularly by Americans. The rest of the world realizes it needs gold, particularly the Chinese, and gold prices have responded accordingly. But in large part, Americans have not come to this realization. There has been no real move of any consequence among Americans into gold, in spite of the success of the gold ETF SPDR Gold Shares (GLD, news).

At some point I think we will see the gold ETF gobble up tons of gold, and as that happens, I think we will see people -- Americans included -- connect the dots and buy miners. I continue to believe there is going to be an enormous opportunity there, but the question now is when. We can't know in advance; we can only be alert as it starts to happen.

One of these days, gold is going to put on track shoes, and really romp. Perhaps it will take QE3. Perhaps it will start before that. When that occurs, gold stocks will be explosive. But until then, they may stay range-y. I can't guarantee that will be the case, but it certainly has been, so I thought I would share my best guess as to why these stocks in particular are so unloved and ignored at the moment.

At the time of publication, Bill Fleckenstein owned gold.

This column is a synopsis of Bill Fleckenstein's daily column on his own website, FleckensteinCapital.com, which he's been writing on the Internet since 1996. Click here to find Fleckenstein's most recent articles.

RELATED ARTICLES/CADUS - Currency Exchange Rate Quote for Canadian Dollar to US .../GBPUS - Currency Exchange Rate Quote for British Pound to US .../KWDUS - Currency Exchange Rate Quote for Kuwaiti Dinar to US .../CNYUS - Currency Exchange Rate Quote for Chinese Yuan to US .../COPUSD - Currency Exchange Rate Quote for US Dollar to Colombian ...How to play a falling dollar - 1 - currency trading - MSN MoneyVIDEO ON MSN MONEY/* /**/ var scp_UserRating=-1; down_arrow_hover= new Image(); down_arrow_hover.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/down_hover.gif'; down_arrow_normal= new Image(); down_arrow_normal.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/down_normal.gif'; up_arrow_hover= new Image(); up_arrow_hover.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/up_hover.gif'; up_arrow_normal= new Image(); up_arrow_normal.src = 'http://blu.stc.s-msn.com/br/scp/css/15/decoration/toolbar/rating/up_normal.gif'; var scp_thankyoutext = 'Thank you!'; var scp_thankyoualttext = 'You have voted on this'; var scp_votestext = '{0} votes'; var scp_votescount = 29; var scp_errmsg = 'Errors occured while saving your rating. Please try again later.'; var scp_yesvotes = 27; var scp_jsurl='MSNRRV2.aspx'; var scp_jsargs='rrct\x3doE0QuuCFWRgt\x252fxpt\x252fkHSJs57VE1CLazX0d\x252bTwJqkFcI1eTC\x252baGzDueAgMHKEQGOxj5ahc0n\x252buLOxZ04iHILlt1FCVlc3i4hCTvT1vwtATLJOO27xiOavZScbswH95EkRlniymK5BUB9uADGnQ7ZR4bcKc\x252bmLAADRngG7d8rEQd29hSZMDu4\x252bwUZY6Wk5aPxw\x26values\x3dshFp7XlTQbexq2I491\x252fdUQ\x253d\x253d\x26rritemId\x3dTZsRd4pyoJ1qQ2wcthY8ulNvX\x252bjAO7Pjkt\x252bpu\x252fXCuEz2FXDheaPNxcdjNFQYR3Hnx3\x252fiJNn77Bz2QpvP8r6Uvw\x253d\x253d\x26rrpurl\x3dhttp\x253a\x252f\x252fmoney.msn.com\x252fcurrency\x252feconomy-stuck-in-waiting-room-fleckenstein.aspx'; var scp_itemid = 'scp\x3abbcdiscussion\x3a0c4c6513-f805-428b-b92c-23b4a0e42ba0'; function BinaryRatingToolBar(ratingValue){scpjs.socialToolbar._handleBinaryRating(ratingValue);} Recommend29 votes93% Rating: You recommend this7% Rating: You don't recommend this ToolBarUpdateRating('scp\x3abbcdiscussion\x3a0c4c6513-f805-428b-b92c-23b4a0e42ba0','ratCntrlBinary'); jQuery.async('scp', function () { jQuery.scp.socialToolbar({"partnerId":"e70689f0-2848-458a-b8ae-965c0aac79c8","jsUrl":"http://us.social.s-msn.com/s/js/16/ue.min.js","enabled":true,"previewMode":false,"contentId":"isg3nbm588s9ihbtqbdcj99xrir4dj6s","boardId":"00000065-02a6-0000-0000-000000000000","threadId":"0c4c6513-f805-428b-b92c-23b4a0e42ba0","urlParams":{"title":"","desc":"","image":"","url":"http://money.msn.com/currency/economy-stuck-in-waiting-room-fleckenstein.aspx","s-url":"http://on-msn.com/lsDKBc"},"timesShared":42,"shareCountUrlBase":"http://social.msn.com/boards","settingsCookieDomain":"msn.com","showMiniTb":true,"showRatings":true,"showEmail":true,"showPrint":true,"showIM":false,"imagesDir":"","printUrl":"","sharingSites":[{"id":"1","name":"Messenger","icon":"http://media.social.s-msn.com/images/blogs/Messenger.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Messenger-s.png","urlTemplate":"http://profile.live.com/badge?url=%7Bs-url%7D"},{"id":"2","name":"Facebook","icon":"http://media.social.s-msn.com/images/blogs/Facebook.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Facebook-s.png","urlTemplate":"http://www.facebook.com/share.php?u=%7Bs-url%7D&t=%7Btitle%7D"},{"id":"3","name":"Twitter","icon":"http://media.social.s-msn.com/images/blogs/twitter.png","smallIcon":"http://media.social.s-msn.com/images/blogs/twitter-s.png","urlTemplate":"http://twitter.com/home?status=%7Bs-intro%7D"},{"id":"4","name":"Digg","icon":"http://media.social.s-msn.com/images/blogs/digg.png","smallIcon":"http://media.social.s-msn.com/images/blogs/digg-s.png","urlTemplate":"http://digg.com/submit?partner=MSN&url=%7Bs-url%7D&title=%7Btitle%7D"},{"id":"5","name":"Yahoo Buzz","icon":"http://media.social.s-msn.com/images/blogs/Yahoobuzz.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Yahoobuzz-s.png","urlTemplate":"http://buzz.yahoo.com/buzz?src=MSN&targetUrl=%7Bs-url%7D&headline=%7Btitle%7D"},{"id":"6","name":"LinkedIn","icon":"http://media.social.s-msn.com/images/blogs/linkedin.png","smallIcon":"http://media.social.s-msn.com/images/blogs/linkedin-s.png","urlTemplate":"http://www.linkedin.com/shareArticle?mini=true&url=%7Burl%7D&title=%7Btitle%7D"},{"id":"7","name":"MySpace","icon":"http://media.social.s-msn.com/images/blogs/Myspace.png","smallIcon":"http://media.social.s-msn.com/images/blogs/Myspace-s.png","urlTemplate":"http://www.myspace.com/Modules/PostTo/Pages/?u=%7Bs-url%7D&t=%7Btitle%7D"},{"id":"8","name":"Google Bookmarks","icon":"http://media.social.s-msn.com/images/blogs/GoogleBookmarks.png","smallIcon":"http://media.social.s-msn.com/images/blogs/GoogleBookmarks-s.png","urlTemplate":"http://www.google.com/bookmarks/mark?op=add&bkmk=%7Bs-url%7D&title=%7Btitle%7D"}],"locale":"en-us","miniTbPositionRef":"ahead","strings":{"lc_rdcmnts":"Read comments","lc_addcmnt":"0","lc_rec":"Recommend","lc_eml":"Email","lc_shrintro":"I thought you would be interested in this: {0}","lc_im":"IM","lc_mor":"More","lc_ncmts":"{0}","lc_prt":"Print","lc_shr":"Share","lc_shrn":"Shared {0} times","lc_shrt":"Share","lc_vts":"{0} votes","lc_ivno":"You don\u0027t recommend this","lc_ivyes":"You recommend this","lc_yvno":"You didn\u0027t recommend this","lc_yvyes":"You recommended this","lc_ratingadded":"Thank you!","lc_ratingerr":"Could not add rating","lc_alrdyvote":"You have voted on this","lc_defml":"Email program","lc_hotml":"Hotmail","lc_gml":"Gmail","lc_yml":"Yahoo! Mail"},"omniAccount":"MSNPORTALSCP","ratingsControlId":"ratCntrlBinary","ratingsItemId":"scp:bbcdiscussion:0c4c6513-f805-428b-b92c-23b4a0e42ba0","appUri":"http://social.msn.com/boards","pageUrl":"http://money.msn.com/currency/economy-stuck-in-waiting-room-fleckenstein.aspx","ratingTags":["00120065-0000-0000-0000-000000000000","00000065-02a6-0000-0000-000000000000","ART"],"fblkShow":true,"fblkAppId":"","fblkRef":"","fblkTrkName":"","fblkTrkVal":"","twtShow":false,"twtTrkName":"","twtTrkVal":""}); }); /**/ 6CommentsNewestOldestBestWorstControversialWillowInTheWend3 hours ago

The next bubble will be the education bubble. Student loans will be unpaid and our education system will be ripe for the government to step in "In the good of the country". Already there are main stream stories about problems regarding for profit institutions.

I have a hard time even reading media run financial information. In the quote of the job statistics there was no mention of our population growth due to normal growth and that of our loose borders. The unemployment rate is probably closer to 20 than it is to 10.

Our fiat currency (monopoly money not backed by anything) aka the U.S. Dollar is taking a beating and being devalued due to quantitive easing (printing money) and is showing up as higher prices. Hard assets are much more attractive although I expect the real estate market to remain flat for some time. Silver and Gold are a good hedge. If things really hit the fan, an ounce of silver would very well feed your family for a week while others in cash positions will see the value match that of Monopoly money - nada.

We buy insurance for our "just in case" scenarios. We should also have some "insurance" against hyperinflation.

4 0ReportSpamgoldbug0912 hours ago

People like dbellis are clueless.Gold IS NOT A BUBBLE!Less than 1% of all financial assets are in precious metals.People like this don't understand that it is the value of the dollar going down,which inflates ALL prices including gold/silver.Apparently just creating money out of thin air is economically viable with no downside but purchasing tangible assets is buying into a bubble.There will be no attempt whatsoever to fix our looming debt crisis. In fact,things are going to get much worse.This clown won't be happy until the oligarchs have it all.

The bubble is USTreasuries-80% of which are now bought by the Fed!Even China and Japan(our largest creditors) can see what is being done to their dollar holdings.

Americans simply refuse to accept that our empire is dead,our standard of living is dead,and,soon,the days of the USDollars as the world's reserve currency will be dead.We can't invest in our infrastructure but we can spend $700 billion/yr on defense.Unbelievable.

In 10 years the United States will be a welfare state,in 20,a police state.

And what does it say about an economy that is completely dependent on the Federal Reserve and near zero interest rates.QE starts,the market explodes.QE stops,the market collapses.This is financial terror,period.How people are unable to see this fraud is beyond me.

How much debt is enough?I guess in another generation when we're talking about quadrillions, people like debellis will still have faith in king dollar even after all the wealth of the working class has been confiscated.Sad.

And before some genius talks about how you can't eat gold or shop with gold,of course,but YOU CAN EASILY CONVERT TO CASH WHEN NEEDED and get more of those worthless pieces of paper than you would have accumulated in that savings account accruing NO interest or that 401k about to be looted again.

9 0ReportSpamLostOnEarth14 hours agoIf only all so called economists were as smart as you Bill, we'd all be living in a sane, sensible and more prosperous world. Economics 101 is so simple for people like you and me, but so many others fail to understand. How sad! 3 7ReportSpamreality9999Sun 12:33 AM

Is this the first time you guys have read Fleck?? Gold is not acting as a commodity, it is acting as a currency. The only currency worldwide that cannot be printed into infinity. It is not in a bubble but is a gauge of the true value of whatever fiat currency you price it in.

14 2ReportSpamdbellisSat 8:12 PMI agree. The Gold comments at the end just sounds like bad advise. Talk about buying into a bubble. Stocks are more attractive now than they were a few weeks ago. I guess even the pros forget about buying low and selling high. 1 14ReportSpamwordfrominsideSat 4:06 PM

I don't know. You lost me at the end. Ever think that the commodity prices may be the last bubble to pop? After all, every other asset class has been hit.

4 9ReportSpamAdd a commentReportPlease help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.CategoriesSpamChild pornography or exploitationProfanity, vulgarity or obscenityCopyright infringementHarassment or threatThreats of suicideOtherAdditional comments(optional) 100 character limitAre you sure you want to delete this comment?jQuery.async('scp', function () { jQuery.scp.comments({"partnerId":"e70689f0-2848-458a-b8ae-965c0aac79c8","jsUrl":"http://us.social.s-msn.com/s/js/16/ue.min.js","strings":{"lc_shw":"true","lc_dtf":"%M/dd/yyyy %h:mm tt","lc_dtf2":"ddd %h:mm tt","lc_gmt":"-4","lc_erg":"Comments are currently unavailable. Try again later.","lc_det":"Comments are unavailable on this page.","lc_pgf":"{0} of {1}","lc_1ach":"Comment","lc_ach":"Comments","lc_newm":"Newest","lc_oldm":"Oldest","lc_bestm":"Best","lc_worstm":"Worst","lc_mixedm":"Controversial","lc_prv":"Previous page","lc_nxt":"Next page","lc_pageNumTooltip":"Enter a page number, and then press the Enter key","lc_first":"First page","lc_last":"Last page","lc_rpl":"Reply","lc_rbs":"Report","lc_edt":"Edit","lc_del":"Delete","lc_pstthanks":"Thanks for posting to","lc_pstand":"{0} and {1}","lc_seemore":"More","lc_seeless":"Less","lc_rpttxt":"Thank you for reporting.","lc_msg2mod":"Send note to moderator"¦","lc_cc0":"Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates the","lc_cc1":"Code of Conduct","lc_cc2":"please use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.","lc_cat":"Categories","lc_spa":"Spam","lc_che":"Child pornography or exploitation","lc_pro":"Profanity, vulgarity or obscenity","lc_cor":"Copyright infringement","lc_har":"Harassment or threat","lc_usrpic":"Inappropriate user picture","lc_oth":"Other","lc_abc":"Additional comments","lc_opt":"(optional)","lc_atl":"100 character limit","lc_rep":"Report","lc_1hourm":"1 hour ago","lc_1minm":"1 minute ago","lc_recomm":"You recommend this","lc_recomdontm":"You don\u0027t recommend this","lc_voted":"You have voted on this","lc_suicide":"Threats of suicide","lc_joi":"Be the first to comment","lc_shwm":"Show comments","lc_hidem":"Hide comments","lc_hourm":"{0} hours ago","lc_minm":"{0} minutes ago","lc_secm":"{0} seconds ago","lc_add":"Add a comment","lc_dmg":"Are you sure you want to delete this comment?","lc_dok":"Delete","lc_dca":"Cancel","lc_pna":"There\u0027s a problem creating posts right now. Please try again later.","lc_clt":"This discussion is closed. New comments cannot be posted.","lc_fta":"Be the first to comment","lc_fsg":"Be the first to add a comment. To add a comment, please","lc_sgn":"sign-in","lc_lnk":"Read comments","lc_spell_gen_err":"Could not check spelling. Please try again later.","lc_spell_no_mist":"No spelling errors found.","lc_spell_num_mist":"Spell check detected {0} mistake(s).","lc_spell_in_prog":"Spell check in progress...","lc_spell_check":"Check Spelling","lc_post_gen_err":"There's a problem creating posts right now. Please try again later.","lc_post_long":"Post cannot be longer than {0} characters.","lc_post_empty":"Your post cannot be empty.","lc_cmnt_day_max":"You already reached the daily limit for posts today. Please post again tomorrow.","lc_post_prog":"Post in progress...","lc_post":"Post","lc_save":"Save","lc_not_auth":"You are not signed in.","lc_no_suggest_paren":"(No suggestions)","lc_ignore_paren":"(Ignore)","lc_insrt_emot":"Insert Emoticon","lc_cancel":"Cancel","lc_ok":"OK","lc_fmt_quote":"Format as Quote","lc_incr_indnt":"Increase Indent","lc_decr_indnt":"Decrease Indent","lc_bullets":"Bullets","lc_numbering":"Numbering","lc_italic":"Italic (CTRL+I)","lc_bold":"Bold (CTRL+B)","lc_post_dirty":"Edits you have made to your post will be lost.","lc_rte":"Rich Text Editor","lc_ip_banned":"The computer or device you are using is temporarily banned from posting on this site. People or automated programs have recently used this computer or device to create unwanted posts. You may still browse the site and read other people's posts, but you can't create, edit, or delete posts.","lc_chk_msg_spell":"Check message for spelling errors (F7)","lc_post_msg":"Post this message (CTRL+ENTER)","lc_perm_ban":"This Windows Live ID was banned for violating the Code of Conduct. You may still read other people's posts, but you can't create, edit, or delete posts.","lc_temp_ban":"This Windows Live ID is banned from posting on this site until {0}. You may still read other people\u0027s posts, but you can\u0027t create, edit, or delete posts.","lc_also_pst_fb":"Facebook","lc_also_pst_wl":"Windows Live","lc_also_post_to":"Also post to:","lc_idnt_settings_err":"Could not save your settings. Try again later.","lc_idnt_nick_prohibited":"The nickname you requested is not allowed. It may contain a reserved name or profanity. Please enter another nickname.","lc_idnt_nick_unavail":"The nickname you requested is not available. Please enter another nickname, or select one of these suggestions:","lc_idnt_nick_empty":"Nickname cannot be empty","lc_idnt_nick_max_len":"Nickname cannot be longer than {0} characters","lc_idnt_nick_allowed_chars_err":"You nickname may only contain letters, numbers, hyphens, underscores, and periods. Please enter another nickname.","lc_idnt_lnk_msn_wl":"Link your MSN posts to your profile on Windows Live","lc_idnt_posting_name":"Now when you post with your \u003cstrong\u003ename\u003c/strong\u003e, all of your past and future MSN posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_idnt_posting_nick":"If you keep posting with your \u003cstrong\u003enickname\u003c/strong\u003e, your posts aren't connected to your profile on Windows Live.","lc_idnt_name_nxt_psts":"The name you choose appears next to all of your past and future MSN posts.","lc_idnt_post_w_name":"Post with my name","lc_idnt_kp_post_w_nick":"Keep posting with my nickname","lc_idnt_chs_name":"Choose the name that appears next to your posts","lc_idnt_name_lnk_wl":"If you post using your name, your posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_idnt_nick_no_wl":"If you create a nickname, your posts are not publicly connected to your profile on Windows Live.","lc_idnt_post_w_nick":"Post with a nickname","lc_idnt_enter_nick":"Enter nickname","lc_idnt_post_w_yr_name":"Post with your name","lc_idnt_mst_use_name":"You must now use your name when you post here.","lc_idnt_note_post_w_name":"Note: When you post using your name, your posts link to your profile on \u003ca href=\"{0}\"\u003eWindows Live\u003c/a\u003e so your friends can read them.","lc_continue":"Continue","lc_idnt_create_nick":"Create a nickname","lc_idnt_nick_nxt_pst":"Your nickname appears next to your posts on MSN.","lc_idnt_nick_allowed_chars":"Nicknames may contain letters, numbers, hyphens, underscores, and periods.","lc_cmnt_unavail":"Commenting is currently not available. Try again later.","lc_loading":"Loading...","lc_signin":"Sign in","lc_signin_create":"Sign in with your Windows Live ID, or create a new one.","lc_spam_msg":"Your post was blocked because it has a hyperlink or appears similar to spam. Please revise your post and try again.","lc_wrt_cmnt":"Write a comment...","lc_avtr_pic":"User Picture","lc_edit_cmnt_err":"Could not load comment for editing. Try again later."},"isCommentShow":"true","_p":"","locale":"en-us","forumId":"00120065-0000-0000-0000-000000000000","forumTitle":"MSN Money","boardId":"00000065-02a6-0000-0000-000000000000","boardTitle":"ArticleComments","threadId":"0c4c6513-f805-428b-b92c-23b4a0e42ba0","title":"Article Comment","userId":"b5e44170581cc833","contentId":"isg3nbm588s9ihbtqbdcj99xrir4dj6s","pageUrl":"http://money.msn.com/currency/economy-stuck-in-waiting-room-fleckenstein.aspx","appUri":"http://social.msn.com/boards","cssBaseUrl":"unused","emoticonBaseUrl":"http://us.social.s-msn.com/s/","responseBridgeUrl":"http://money.msn.com/ResponseBridge.aspx","cmntSharingOn":true,"cmntSharingNetworks":[{"id":0,"locKey":"lc_fb","tooltipLocKey":"lc_also_pst_fb"},{"id":1,"locKey":"lc_wl","tooltipLocKey":"lc_also_pst_wl"}],"omniAccount":"MSNPORTALSCP","currentPage":1,"totalPages":1,"sortOrder":0,"isAuth":false,"signInUrl":"https://login.live.com/login.srf?wa=wsignin1.0&rpsnv=11&ct=1307940973&rver=6.1.6195.0&wp=MBI&wreply=http:%2F%2Fmoney.msn.com%2Fcurrency%2Feconomy-stuck-in-waiting-room-fleckenstein.aspx&lc=1033&id=250710","genericAvatarUrl":"http://us.social.s-msn.com/s/images/bluemann.png","settingsCookieDomain":"msn.com"}, false, true, true); });DATA PROVIDERS

Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.

Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Gradient Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Telekurs.

Japanese stock price data provided by Nomura Research Institute Ltd.; quotes delayed 20 minutes. Canadian fund data provided by CANNEX Financial Exchanges Ltd.

$.dap("&PG=INVIMN&AP=1089",300,250,"dapAd2");FeedbackMARKET UPDATEUSINTERNATIONALNAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.NAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.

[BRIEFING.COM] The major market averages ended the day just above their worst levels of the session after an attempt at an afternoon rally failed. The Nasdaq paced today's declines, slipping 1.5% while Dow and S&P each saw losses of 1.4%. Today marked the sixth consecutive week of losses for the major averages as they closed at their worst levels since mid-March.The S&P 500 Energy Index was the worst performing of the 10 S&P sectors, closing down 1.9%. None of the stocks ... More

More Market NewsStock TickerStory StocksIn PlayShort StoriesCurrenciesNAMELASTCHANGE% CHANGEThere's a problem getting this information right now. Please try again later.See more currenciesSponsored by:$.dap("&PG=INVSMS&AP=1025",120,30,"AdSponsor-summary");RECENT QUOTES/*WATCHLIST/*Learn MoreView full page SymbolLastChangeSharesWhere's my list|Update quotes|Clear this listQuotes delayed at least 15 minSponsored by:$.dap("&PG=INVSRQ&AP=1025",120,30,"quotead");RECENT ARTICLES4 ways to protect your portfolioEconomy stuck in waiting roomThe best tech bargain out thereWhy no punishment for CEO greed?The economy is recovering -- reallyTODAY'S MSN STAFF PICKSCAREERS

Does your boss take credit for your work?

Bing: Arizona blaze rages onBing: Guinness names world's shortest manBing: More lewd photos of Anthony Weiner surfaceMORE FROM BINGCalculate your car's trade-in valueReady to buy gold? Here's howWill your insurance cover you in a disaster?How to boost your credit scores quicklyThe Credit CARD Act on campusHow much does a funeral cost?PrivacyLegalAdvertiseMSN WorldwideHelpAbout our adsFeedbackSite MapRSS© 2011 Microsoft/* ({0})",msgr:"a.msgr",maxcount:9999,axob:"MSNMessenger.Hotmail2Control"});a(b).channelheaderflyout({delay:{open:500,close:50}});a("a.inbox").hotmaillivemenu({hotmailcalendertext:"Calendar"});a("div.websearch2").togglesearchtext({searchInputBoxId:"q4"});a("div.websearch2 form").bindSearch2();a(".myhp").setHomepage({url:"http://www.msn.com",txt:"Make MSN your homepage"})},a.jsUrl)})})(jQuery);jQuery("a.openpopup").async("openPopup");(function(a){a(function(){a.async("asyncCanary",function(){a(".ptnrcnt1").partnerhostedcontentfeature()},a.jsUrl)})})(jQuery);(function(a){a(function(){a.async("asyncCanary",function(){a.lazyLoad.timeout=6e4;a.cookie+=";MUID=";a(".cogr.coss").slideshow({delay:7e3});a(".cogr.cotb").tabGroup({hover:{delay:300}});a("div.ivideo").async("inlinevideo",[{param:{windowless:"true"},asyncp:1}])},a.jsUrl)})})(jQuery);jQuery("a.opennew").async("openNew");jQuery(".pageoptions1").async("pageOptions");jQuery(".pageoptions1 #ausug").async("autoSuggest",[{helpLinkText:"What is this popup",helpLink:"http://help.live.com/help.aspx?project=wl_searchv1&querytype=keyword&query=sihggus&mkt=en-US",formCode:"MSMONY",openNew:"0",market:"en-us",cookieDomain:null,cookiePath:null,inputId:"q4"}]);jQuery(".quotesearchbar0").async("quoteSearchBar");jQuery(".quotesearchbar1").async("quoteSearchBar");jQuery(".quotewatchlist0").async("quoteWatchList0");jQuery(".recentquotes0").async("recentQuotes0");jQuery(".stkscoutrating2").async("financefundamentals");(function(b){var a=b("#nav .breaknews1");if(a.text().length==0)a.css("display","none")})(jQuery)//]]>/*