Feldstein gloomy

With much good reason: Feldstein: Stock Rally No Sign Of Recovery

"I see no firm basis for predicting when the economy will begin a sustained increase," Feldstein told the Gulf Daily News.

"I believe it won't be in 2009. Sometime in 2010 is possible, but is still no more than a hope."

Feldstein fears that the $787 billion fiscal stimulus package agreed by the Obama administration is too small to remedy the current faults of the U.S. economy.

Feldstein says that the current global crisis is the worst he’s ever seen, and cautions policymakers to be wary of treating any slight improvement in economic performance over the next year, calling it a "false dawn."

Amen brother! Enough of these green shoots and mustard seeds already....