Fed Believes Recession To Last through 2014

Krugman today cites recent Fed Reserve meeting minutes where discussion turns to term.

“All participants anticipated that unemployment would remain substantially above its longer-run sustainable rate at the end of 2011, even absent further economic shocks; a few indicated that more than five to six years would be needed for the economy to converge to a longer-run path characterized by sustainable rates of output growth and unemployment and by an appropriate rate of inflation.”

Best case scenario, 2014 before growth and unemployment converge. By my estimates, the downturn started in 2006, which would be essentially a decade L shape depression. And people wonder why I question optimism