Very appropriate picture illustrating the tone of the ridiculous manufactured economic numbers coming out of Washington. The only reliable message from them is, "Relax and eat your Cheetos. We're doing the thinking around here and everything is fine."
Below is another quote from a major economist talking about the same kind of meltdown I have predicted for the first half of this year.
“The conventional wisdom among the elite is still that the current slump “cannot be as bad as the Great Depression.” This view is wrong. What we face now could, in fact, be worse than the Great Depression—because the world is now so much more interconnected and because the banking sector is now so big. We face a synchronized downturn in almost all countries, a weakening of confidence among individuals and firms, and major problems for government finances. If our leadership wakes up to the potential consequences, we may yet see dramatic action on the banking system and a breaking of the old elite. Let us hope it is not then too late. “
Simon Johnson, a professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008. He blogs about the financial crisis at baselinescenario.com, along with James Kwak, who also contributed to this essay. May 2009 The Atlantic “The Quiet Coup”.
I believe I already posted a link to John Williams, the major economist who publishes Shadow Stats, predicting for 2010 the same thing I have been predicting. If we get to say, "We told you so." it won't be much consolation.
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