Mish's Global Economic Trend Analysis, written by Mike Shedlock (an investment advisor with Sitka Pacific Capital), is one of the best economic blogs in the blogosphere, in my humble opinion (IMHO). Why? Because he's always right. He also references not only other articles but his own blogs to reemphasize his point. Isn't it nice when people's opinions are backed up by fact?
I also like the fact that, as an investment advisor, his only agenda is the truth as he sees it and if you read his blog, he's obviously a very smart guy who knows his stuff.
With that introduction, his blog Creative Destruction, gives a nice overview of our economic situation for people who are "drinking the Kool-Aid" and thinking that a recovery is on its way.
This isn't about political agendas. It's about people losing jobs, livelihoods being lost and the wealthy remaining on the wealth track while the poor get poorer...and the middle class stay put. At some point, when people need to borrow and banks are willing to lend, guess who they'll lend to? Let me tell you, it won't be to the people who really need the money.
In any case, that's my soapbox, but read Mish's article for a true view and a REAL OUTLOOK on the nation's economy. He's been saying these things for a long time, and I see no reason at this point to disagree with him.
His references are very good, as are many smart economists and/or industry experts who post on the blogosphere. It's another reason that the newspaper's paper industry is becoming defunct--which Mish also mentions in this blog.
It's not a pleasant picture, but it is the truth.
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