Rail traffic is down huge, sea shipping is down huge, port traffic down huge, consumer credit contracted by 21 billion this month, savings rates are going up, people are taking on far less debt and paying the rest down, Toyota cut global production by 1 million cars, many banks have gone under, foreclosures still near record highs, U.E. is still going up and incomes are still contracting, with out the suspension of Mark to Market a huge majority of banks would be insolvent including the Fed, record Govt. debt, monetization of the debt, China diversifying away from the USD....anyone want to add some more to the list?
How does an economy that is totally dependent on cheap, ever expanding credit, people living beyond their means and using their homes as ATM machines, stand to recover anytime soon? Where are the green shoots? On CNBC? The the Govt's propaganda machines? The Fed and its 3 Trillion dollar balance sheet of worthless securities?
Without the consumer there is no recovery. Our nation production capacity has been hollowed out, and replaced with fake money and voodoo banking.
