There is no recovery, not yet at least.

There is a lot of wishful thinking and perception management going around, but the bailouts and tax breaks are flowing upwards in this predatory economy.

I know. Let’s have another bubble, for old time’s sake.

The economic hitmen have come home.

This is from John Williams:

Real Median Household Income Is at Its Lowest Level Since 1995. Consumer income remained in contraction during 2011, with both real (inflation-adjusted) median household income and real median individual income sinking on an annual basis. Given consumers lack of ability to expand their borrowing in order to make up for shortfalls in income, the chances of there having been a full economic recovery since 2009 (as reflected in the GDP), or of a recovery pending in the immediate future, are nil.

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