Everything that we’re doing right now is engineered to avoid reality.

Some nice blasts from Ken Deffeyes at Some Assembly Required:

“The biggest problem with the all of the official attempts at “solving” the economic collapse is the idea that perpetual growth is not only desirable, but that it is possible.”

“Buy-and-hold investing is seriously wounded, on life support. The “long term investor” now realizes that he or she is simply a mark to be conned by Wall Street. Told to “wait”, “there wasn’t really anything to worry about”, they’ve seen their statements they understand that there is, in fact, nothing left to worry about.”

“While all the talking heads are proclaiming the end to the housing crash, California reports house prices dropped 41% last month from a year earlier. The US median price fell 16% for the same period.”

“The 30-year mortgage rate is down to 4.6%. The response is an increase in re-financing, which does nothing to lower the overhang of empty houses out there. House prices are still way above what the average worker can afford. Maybe some attention should be paid to the underpaid.”