Back-to-School Shopping with $300

Chicago

Progressives and conservatives do agree on something! The bailout has done nothing but anoint and embolden fat cat financiers to do it again. (How much does AIG's new CEO, Robert H. Benmosche, make? $7 million a year.)

Sure Americans are buying new cars, homes and furniture again. (deciding not to wait for jobs or health care).

But if the "mark to market" SIVs, CDOs and CDSs the money guys retained for a "better valuation" have sprung to life--explaining the "recovery"--isn't it still a bubble?

Or am I missing something?

Our "healthy" economy is still predicated on buying things we don't need with money we don't have. Just listen to EZ mortgage ads which are back on the radio next to the Mercedes ads.

Remember the Recession of 2007-2008 (Sept-Aug)? We went weeks without $5.95 lattes and our gym membership almost lapsed. Whew. (see: Siege of Leningrad.)

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