The question has been recently posed to whether we are in a recession or a depression. Well if you have been following this blog and analyze the charts at the bottom you know we are in a depression. To the main media I say welcome to the club. It is amazing that they are starting to recognize what we have known for a long time now. Many would question whether they new and just gave positive news to continue the gambling casino or if they simply didn't know. If economists and financial commentators didn't know, they may want to seek a new profession. The question you always have to ask your self when assessing our situation is, how do we get out of the massive debt we are in? (That is the 400 lb gorilla in the room). If you believe there is no way to pay the debt, then you know we are in a depression, not simply a recession. Not only is debt a problem, but you have to create jobs/income to get out of this debt (just like you do at home). With jobs continuing to look bleak and the outlook for good paying jobs going forward not looking better, the answer is simple. David Rosenberg (former chief economist at Merrill Lynch) came forward this week to say we are in a depression. Here is the video of him on CNBC.
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