AWH said:

“I believe that the curve for this recession will be different than in other recessions.”

I believe this recession is actually a depression and it might(?) even be worse than the Great Depression. It is my opinion that last year’s implosion of the finance and banking industries was effectively lethal. If the banking industry had undergone an honest audit then almost the entire industry would have been declared Chapter-II and the FDIC’s assets would have been zeroed out. Instead the federal government has allowed the banking industry to price their mortgage related assets at the pre-implosion value rather than true value. This has created the illusion that the banking industry’s book value is greater than zero. I believe the federal government has colluded with this fraud because it has no choice. To do otherwise would initiate a domino effect that would bankrupt the nation. I believe it is the intention of the federal government and banking industry to “talk up” the economy to the point that the banks can unload their “toxic assets” upon hapless suckers and thus avoid catastrophe. I do not believe such a fraud can hold up indefinitely and there is no one stupid enough to buy the toxic assets. Eventually the general public will realize that the emperor has no clothes and price discovery take place. After price discovery happens, the market will bottom out. Only after that happens can the economy begin to heal itself.

Different topic: Caroline Glick wrote a nice polemic against our fearless leader. Google “A Politically Convenient Speech” to link to it.