As we look at the state of the economy in 2010 one has to wonder just who’s — if anyone’s — prediction is going prove out in the end. There are those who tout that the recovery is underway but when they supply their supporting data one tends to feel less secure about their pronouncement. However, one thing is common to all reports … whatever the economic growth winds up being it will be well below the long-term U.S. average of 3%.

The Fed has been pouring billions into the credit markets to hold lending rates down with very little impact on the market. The highly touted “stimulus” has resulted in remarkable little stimulus as it becomes clear that it primarily consisted of transfer…