http://www.ft.com/cms/s/0/4524339a-d17a-11df-96d1-00144feabdc0.html Interesting article. I agree with the conclusion. As your self why there is now a call for 6 to 7 trillion more in stimuls for America? What will calm the Fear that is building?
Last time I checked U6 it was approx 18%. Not far off from GD numbers. I believe the only thing the stimulus did was forestall the inevitable. After the Dems get pounded next month there will most likely be no more stimulus and then the drop will accelerate. Then we will see the real economy.
Because there is an election "around the corner"... We are in for fearful times, regardless. We need to pick the least damaging. (Print-money, inflation, currency destruction is NOT IT.)