Logo

GAINESVILLE - The senior economist for Wells Fargo Securities told Gainesville business people Thursday the recession is over, but the recovery from it hasn't really started yet.

Mark Vitner said the recession ended last summer but it may take another nine months before recovery takes effect.
Vitner told his Chattahoochee Country Club audience the economy is growing, inflation remains low, but financial market conditions have to improve.
Wachovia Bank hosted Vitner's mid-day appearance.

"Businesses are still very reluctant to hire and until we start to see job growth pick up we really don't have a sustainable recovery in place," Vitner said.

Vitner said the Obama Administration's health care reform and 'cap and trade' proposals are slowing economic recovery, adding that healthcare is creating uncertainty; businesses don't want to rehire.

"If you don't know how much it's going to cost you to pay the benefits of your workers, are you going to go out and hire a lot of workers," Vitner asked.

Vitner said a 'cap and trade' measure controlling carbon emissions would drive a lot of industries overseas because the cost of energy would go up.