Roubini calls the double-dip
(via DeLong)*

Along with the Clash, one of my favorite bands** is Stereolab. This past Sunday I saw Stereolab's lead vocalist Lætitia Sadier play a small venue. On Monday she opened for Beirut at a much larger concert hall. The crowd Monday was very young and had maybe a 60-40 female-male ratio. Both nights Sadier played a solo version of the Stereolab tune "International Colouring Contest." "Ping Pong" appears on the same album and the lyrics seem relevant:

it's alright 'cos the historical pattern has shown
how the economical cycle tends to revolve
in a round of decades three stages stand out in a loop
a slump and war then peel back to square one and back for more
bigger slump and bigger wars and a smaller recovery
huger slump and greater wars and a shallower recovery
you see the recovery always comes 'round again
there's nothing to worry for things will look after themselves
it's alright recovery always comes 'round again
there's nothing to worry - things can only get better
there's only millions that lose their jobs
and homes and sometimes accents
there's only millions that die in their bloody wars,
it's alright
it's only their lives and the lives of their next of kin
that they are losing
it's only their lives and the lives of their next of kin
that they are losing
it's alright 'cos the historical pattern has shown
how the economical cycle tends to revolve
in a round of decades three stages stand out in a loop
a slump and war then peel back to square one and back for more
bigger slump and bigger wars and a smaller recovery
huger slump and greater wars and a shallower recovery
don't worry be happy things will get better naturally
don't worry shut up sit down go with it and be happy
dum, dum, dum, de dum dum, de duh de duh de dum dum dum... ah ah
dum, dum, dum, de dum dum, de duh de duh de dum dum dum... ah ah

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* I doubt it. The Fed caused the last two double dips in the late 50s and early 80s and the authorities have learned their lesson over Lehman and won't allow Greece to be another Lehman.
**probably my favorite band