The New Normal

Mohammed El-Erian and others at PIMCO have been energetically trumpeting the idea of a "New Normal" for the economy, meaning we have to get used to lower growth to work off the excesses of the last decade.  Fine. Makes sense.

Meanwhile, at the deli at the Harris Teeter (a grocery store, for those who don't know) just across the railroad tracks from my office, they have installed big toaster, so that we can get our lunchtime subs toasted, just like at Quiznos.  Well, there's an older guy who makes sandwiches there some days, an older guy with a reasonably luxurious head of hair and a beard, each of which must be encased in individual plastic hairnets to comply with NC sanitary code. This guy, rather witty, it must be owned, refers to the toasted sub as the "new normal."  PIMCO should be rather pleased at the effectiveness of its messaging.