Ultimately, the current recovery is at least partly a matter of propaganda from Wall Street and Washington. That much is clear ... and as much as it is propaganda, it is a dangerous finagling with the truth of where we are. To be sure we never know exactly where an economy is, but we do have some confidence in predicting trends ... and believe me the current crisis was predicted years before it happened and even predicted by me months and months before the crash. Obama and his advisors would do well to make a clean break with the "attaboy" propaganda designed to keep people from absolute panic.
They should begin to bail out states that have shown evidence of fiscal maturity, but are hanging by threads over the precipice, out of control through no real fault of their own. This may not include California, alas, but clearly California, the world' 8th largest economy cannot be allowed to fail ... either.
JB
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