– that’s dynamic with an exclamation point, underscored, bold faced. It’s not just that the American economy rose inexplicably from the ashes of despair – which had nearly all forecasters calling for ongoing disaster, either ushering their clients into emerging markets, commodities and fixed income or filling up the mattresses. Contrary to hopes of greater jobs creation after last fall’s House sweep, businesses continue to hunker down, unwilling to add staff in spite of banner profits.
Ordinarily by this time in a business cycle expansion – this one now clearly led by manufacturing industry and vibrant export markets – companies would be pursuing future market share opportunity against foreign and domestic rivals. Record profitability and cash reservoirs would be converted to expansive managerial action to build for a better future. Instead of focusing on the hundreds of billions in emerging markets seeking an open trade path to peace and prosperity, many remain in current mode, sights set fixed on unfolding political events in Washington, Brussels, Berlin or Athens.