I tried to embed an MSNBC clip which didn't work out. That and I don't really care for those Scotttrade ads.
So I am going to throw in this link;
Home foreclosure and delinquency rates set a new record. In fact, 14.5% of all home loans are now delinquent by at least 30 days or in foreclosure. That is huge. Not to mention the rise in conforming, those non adjustable and fixed loans, as even the best loans are sinking because of massive unemployment.
Credit card defaults are also at an all time high. The jobless claims for the week ending Nov. 7 were 505,000. Which by any accounting method still sucks.
All of this wretched excess has to get wrenched out of the system. It is the pain we must feel, the medicine we must take, to get over our consuming disease. I'm ok with that and of course it had to happen. And it will continue to happen.
What frosts my ass is that politicians with "re-elect me" agendas like to proclaim through various means (thus minimizing and deflecting the damage) that their actions and policies have been effective. They want to take credit for a recovery that simply doesn't exist. It is a lie. By itself that is bad enough. Unfortunately, these spineless ninnies refuse to take any corrective action to undo the damage they have caused. This includes re-instituting Glass-Steagall and a number of other safeguards and policies that banks and financial institutions had Congress undo.
Politicians refuse to engage in campaign reform. Check out Senate banking chair, Chris Dodd's contributors (or any other politicians) here- http://www.opensecrets.org/. Politicians refuse to audit the Federal Reserve (although some are trying) or eliminate the Fed entirely because that takes moral courage which apparently -in Washington- is in very short supply.
Politicians simply haven't accepted the fact that they are responsible for this mess and that without serious reform and some political courage, we will achieve nothing. Business as usual. That includes any more idiotic claims from the top down that the "Great Recession" is over or that they have some crystal ball or divine guidance when determining just when that will happen.