No Growth Because We're Still Deleveraging

It's hard to downplay how bad things were 10 years ago. The dot-com bubble burst, erasing $5 trillion of wealth faster than it was created. Decades of slowly eroding U.S. manufacturing jobs turned into a devastating burn. Enron and WorldCom collapsed amid fraud. And then 9/11 hit -- how does it get worse than that? What saps an economy is fear, and 9/11 produced lots of it. Not surprisingly, 2001, 2002, and 2003 saw far slower job growth than we've experienced over the past two years.