Wall Street's mystery: Where's all the economic growth?

Santelli: Dollar strength's China impact

The reason why the U.S. economy is so susceptible to dollar strength and other obstacles may be that the post-financial crisis recovery isn't really what it's cracked up to be.

That's the emerging view from Wall Street consensus coupled with economic data that suggest the long-awaited V-shaped rebound has yet to take hold.

As the first-quarter weakness bleeds into the second quarter, corporate earnings are better than their much-downplayed expectations—when aren't they?—but still weak. The willingness of consumers to spend their gas savings remains shaky, and one broad measure of economic strength is wobbling toward a recessionary indication.

So after years of waiting for the U.S. to take the global economic lead, what happened?

"We believe ... the diagnosis that the US economy has healed from the 2008 trauma may be overstated or incorrect," Citigroup economist William Lee said in a note to clients. "This may explain why expectations have been disappointed following the recent flood of apparent downward surprises regarding the growth outlook." (Tweet This)

Disappointment, indeed.