Monday, June 08, 2009

It Does?


In other words, it doesn't seem like we know a lot more than we knew a few months ago. The economy certainly "feels" better, and that's been enough to drain the urgency from some of these questions. But have the questions really gone away?

The real economy is actually a hell of a lot worse. We have fewer panicking banksters and their mouthpieces in the financial press, so CNBC feels a lot better, because the liquidity crisis is at least temporarily gone. But the liquidity crisis was never the problem, just a symptom. And away from the world of big finance, the economy feels much worse.