Seven lean years: No recovery till 2016
10 reasons Jeremy Grantham’s betting $100 billion on historic game-changer
By Paul B. Farrell
Aug. 31, 2010
Summer of recovery? Dead. How dead? Remember Genesis? The Seven Lean Years? Add seven years to the handoff from Bush to Obama in early 2009 and you get no recovery till 2016. Get it? No recovery till the end of Obama’s second term, assuming he’s reelected — a big if.
“The idea behind ‘seven lean years’ is that it is unrealistic to expect to overcome the several problems facing most developed countries, including the U.S., in fewer than several years.” That’s Jeremy Grantham talking; he’s responsible for investing $100 billion in the next seven lean years. And like the biblical Joseph, whose life was on the line while interpreting dreams for the Egyptian pharaoh, Grantham can’t afford mistakes.