According to press, Europe is waiting for its Lehman moment.

How come the economy is so listless? How come there are so few jobs? How come house prices are falling?

If the US debt situation is as bad or worse than Greece's, how come the yield on US 10-year notes isn't 17 percent too?

When profits are high it is usually because labor costs are relatively low. That is the case now. But that’s not good news.

Even if the US holds itself together, there’s a good chance that either Europe or China will drag it down.

The stock market comes to reflect neither the economy nor what stocks are worth. Instead, it shows what speculators think they can make from anticipating Ben Bernanke’s next move.

America is going broke. Congress is worried about getting re-elected. Do you need to know more?

No wonder the economy is not growing. Four out of every ten dollars is zombie spending. It supports hamburgers consumed in 1998, gasoline burned in 2002, bankers' bonuses handed out in 2008, and food stamps distributed in 2011.

While investors have recovered most of their ’08-’09 losses, the poor working stiff is still getting it in the chops. He doesn’t own stocks. He owns a house. And housing just keeps going down.