I like Krugman I suppose to a certain extent, but in my opinion "The Automatic Earth" particularly Ilargi and Stoneleigh are much more on target in terms of what's really happening. Here's an excerpt in todays post:

"Maybe we are witnessing the start of a policy and media campaign that is less based on irrelevant exuberance, and more on preparing the people for what is really to come than on what they would like to happen. It is now abundantly clear that unemployment will continue to rise for quite a while. It's just as clear that government action, especially through the $787 billion stimulus plan, has so far utterly failed when it comes to job creation. And finally, everyone seems to agree that even if (make that capital IF) the US economy stabilizes somewhat, it will take a very long time to get all those who are now out of a job, back into the workforce."

Here is a link to "The Automatic Earth" just in case anyone is interested:

http://theautomaticearth.blogspot.com/

It's still a little early on for me to see whether he's Cassandra or Cayce.

In any case, I just wish the policymankers would at least consult with him (or add him to their 'stable' of consultants) as his ideas seem sound and reasonable on how to avoid the trap we're slouching into...

-5.75,-4.05
"God gives men a brain and a penis, and only enough blood to run one at a time." -- Robin Williams