Seek not what people say, but what people do. You can pay attention to the talk of a recovery, or you can take note of the fact that corporate insiders are bailing out of the stock market at a record pace. You can pay attention to the talk of recovery, or you can take note of the fact that vast numbers of merchant ships lay idle. You can pay attention to the talk of recovery, or you can run through Mish’s list of State after State suffering steep drops in revenue from income and sales taxes.
Its getting worse out there, not better – no matter what fool stats Obama and Co provide us for the third quarter.
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