BY MARY BERSOT CFA — THE ECONOMY: It has been two years since the severe recession began and it is still hard to conceive of a scenario for robust US economic growth. The magnitude of the decline in housing prices and job losses means it is doubtful we will witness growth equal to or better than 2007 any time soon. It will take years for consumer and investor confidence to be restored to the level needed to reduce unemployment to normal levels and reignite a rally in home prices. We will muddle along with anemic growth for some time until America’s financial health is restored and companies are more confident and begin hiring again. The economy is slowly recovering.  It is tempting to believe the future will look like the present.  It won’t.  The only certainty is that what we know today can change – and change quickly.