It’s a curious symptom of the consensus trance zombifying the American public and its auditors in the media that something like a “recovery” is now deemed to be underway. And, as events compel me to repeat in this space, it begs the question: recovery to what?

To Wall Street booking stupendous profits by laundering “risk” out of bad loans with new issues of tranche-o-matic securitized paper? This I doubt, since there isn’t a pension fund left from San Jose to Bratislava that would touch this stuff with a stick, even if it could be turned out in collector’s editions of boxed sets.

Does it mean that American “consumers” (so-called) are awaited momentarily in the flat-screen TV sales parlors with their credit cards fanned-out like poker hands, ready for “action?” Not too likely with massive non-performance out in cardholder-land, and half the nation’s electronics inventory wending its way onto Craig’s List. Are