Mark Vitner of Wells Fargo Securities and Steven Ricchiuto of Mizuho Securities discuss the outlook for the US economy and whether or not this soft patch will be sustained. Ricchiuto believes there are still enormous structural headwinds in the US economy. Although he doesn’t explicitly say so, he makes an argument very similar to the balance sheet recession theory. Vitner, on the other hand, says we are in a sustained recovery driven by the private sector. Vitner believes the second half rebound has already begun.