Why is the Bush Administration allowed to pretend that there isn't a recession happening? We should have no confidence in their rosy assessments. The new housing numbers are only part of the story. The bond markets are turning bearish, and as Robert Reich points out, things are going to get worse before they get better... people might even become bitter, but don't you dare use that word, or else. According to Ted Rall, The Cavalry Isn't Coming, so we all better dig in for the long haul.
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