8 JUN 2009, Monday

1. These deficits are, historically speaking, absolutely insane! Yet, "Yes We Can" is what President Obama and Congress say to continuing down this road to banana republic land.
2. But, thank God, the Bond Vigilantes are saying "No You Can't". Unfortunately, the cost of this market instilling discipline will be much higher interest rates...which, during a recession, will do nothing to help us pull out of the downturn.
3. It seems like it's going to be a long hard road to recovery.