Daniel Gross, economics editor at Yahoo! Finance weighs in on the U.S. economy and its ability to bounce back up in his book “Better, Stronger, Faster.” “Here we are three to four years after the financial crisis, our banking system—FDIC-insured banks—made $35 billion in profits. Our panic stopped in ’09,” Gross said. Metrics that measure financial failure—bank failures, corporate bankruptcies and defaults, etc.—have all come way down since ’08, ’09, according to Gross. “The result is that the stock markets have doubled from where they were in 2009, corporate profits are on a record level, and consumers have reduced their debt load,” he said. “If you look back, what we’ve seen is a restructured economy that doesn’t look like it did in ’07. We were dependent on credit and housing, and now it’s driven by services and manufacturing and agriculture and energy, and people are much more likely to pay with cash than they are with debt.”
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