Go read the previous Ticker.
Here's the fundamental and market picture.
There were many who said that we would not have a recession in 2007, including Bernanke, Buffett, Paulson and dozens of others. The government and its minions took actions that would "promote moderate growth over time."
In the first part of 2008 we heard the same siren song - there will be no recession, there will be no cataclysm. "The economy is fundamentally sound."
Actions continued to be taken that amounted to giving whiskey (looser credit) to a drunk (the credit junkie that is America.) The drunk developed cirrhosis and liver cancer from all the extra booze, which he readily consumed. The warning signs continued to pile up, I and a few others reported them, but we were universally ignored.
Denninger of the Market Ticker suspects the Bush administration has been printing money and lying about it. Peacenick would not be suprised. Deflation? Inflation? Save? Go as deep into debt as possible? Peacenik doesn't know. Does Obama know?
