from Summit Notebook:
We've all heard discussions on what letter of the alphabet the economic recovery will look like. Will it be "V" shaped -- as in, a sharp plummeting, followed by an equally sharp upswing? Or more "U" shaped -- a downturn followed by a flat period before the recovery starts? Is the lightness we're witnessing in the economy the mid-point in a more extended recovery process, mirroring the letter "W"? And heaven forbid, let's not even think we might be stuck in an "L" shaped economy, with no near or medium-term hope of improvement.