"I completely understand why our fiscal and monetary leaders would seek to hide the truth from us all. We live in an economy that is based on growth and debt - which means it is a Ponzi scheme - and there's nothing more important to such a system than faith and confidence. So economic propaganda is not just a noxious by-product spewed from our economic tailpipe; it is viewed by those in power as a form of fuel, a necessity for our peculiar economic engine. They may have a point."
"This week (ending 10/1/09), despite the massive run up in stock over the past few months, despite the outrageous amounts of bailout and stimulus money applied, despite every attempt to put a positive spin on things, jobs continued evaporating, auto sales slumped to multi-decade lows, bankruptcies soared 41% over the prior year, and tax receipts continued to slide. States such as California are sliding into fiscal chaos, and some, like Michigan and Alabama, are already there."
"We are about to enter another leg of the downturn, and this one will be even bumpier and more uncertain than the last."
I continue to encourage everyone to read Chris' CRASH COURSE: