Meet the Street: A New Kind of Recovery

This isn't going to be your father's economic recovery, says H. Vernon Winters.

That's because this recovery won't be led by increased consumer or corporate spending, as has been the case in most past recoveries, says Winters, the chief investment officer for Mellon Private Wealth Management, which manages $50 billion in assets for high net worth individuals. Instead, the exhaustion of retail inventories will be what revives the economy.

Winters further says the economy may have bottomed out, but that the "shallow recession" the U.S. is in likely will last at least a few more months. And it will be quite some time before corporate spending regains momentum, he says. As for consumer spending, it's been strong and, Winters believes, should continue to be. ...