The stock market and investor sentiment have recovered since the March lows but going forward are we out of the woods?  Negative economic news is subsiding and confidence is building.  We see this in the renewed interest in US stocks as well as bonds and international investments.  The financial turmoil of the past two years rocked consumers and investors around the globe and changed attitudes toward spending and risk.  Corporate, municipal and individual balance sheets took a devastating hit as debt levels and years of spending caught up with us.  It is unreasonable to expect a normal recovery while we materially change the way we spend and invest.  As Bill Gross of Pimco says, we need to adjust to the “new normal”.