[TropicCat]

I've written this before. Our 'experts' have remade the American economy into one of consumerism. Where consumer spending is 70% of GDP. How this was done was by creating an environment of easy lending. This included mortgages, credit cards, car loans and personal loans. All lending for folks with marginal credit has now stopped.... taking our economy with it. Experts say this is a good thing, yet without these loans 70% of GDP is no longer attainable. This is where we are today.

So, what's next? Do they reintroduce subprime lending and credit cards for everyone, with the hope of regaining the lost ground? No, you say? OK, then what?

Consumerism replaced a manufacturing based economy. What replaces consumerism?

Unless the structure of our entire economy is put on the table, and new answers found, or marginal lending reintroduced, there can be no recovery regardless of what the talking heads say.

We've had banking running the economy for 10 years, we know where that has brought us. To look to the Fed for answers will result in completing the decimation of the middle class in America. We need creative thinking and solutions to difficult questions. All trade agreements have to be reviewed and a new way forward proposed while failed policies are discarded. This has to happen regardless of the fact that the US dollar is about to lose it's reserve currency status. The Fed can not and will not provide this leadership. In my humble opinion, giving the instrument of our demise more power is just plain stupid. Will somebody please give Chris Dodd a nudge?? He's obviously fallen asleep at the switch...again.

Apparently, I agree with Kudlow, or he agrees with me. In either case, who would have thought this possible?