Good piece about the current "recovery" that is supposedly happening.
http://www.creditwritedowns.com/2009/08/looking-beyond-the-fake-recovery.html
It's a reminder of two key facts:
1) Trillions of dollars in irresponsible massive government stimulus can provide a short in the arm/short term boost and make things seem great for a little while.
2) The fundamentals of the system that got the economy into this crisis have not changed- the economy has not been allowed to wind down the excessive debt and leverage that were the primary cause of the mess. The crisis can always be postponed to a later date, but that future crisis will only be much much greater.
Thursday, August 13, 2009
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