Monday, July 22, 2013

Summing things up

"The next Great Depression is happening now. As in the 'thirties, everything is getting better with the single exception of everything. The stock market as a price discovery mechanism is defunct, Detroit and three dozen or so smaller municipal bankruptcies have shown Munis are no longer credible, and the Federal Reserve has gone about as far into the marshlands as it can and found—more marshland. Now the final notice is in the mail." - Ol' Remus at the Woodpile Report

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