The Real Economy Versus the Make-Believe World of the Government and Financial Giants
• Washington;s BlogIn the real economy, unemployment is at Depression-era levels (see this, this and this). In the real economy, bank loan loss rates will be higher than the Depression. In the real economy, government revenue is at its lowest level since the Depression, and most states are on the verge of bankruptcy. In the real economy, the world economy is crashing faster than during the Depression (and see this). But in the make-believe world of the government and the financial giants, the recession is over. How do they do it? Well, as I noted a couple of days ago, the boys use:
