America

Despite the proclamations from any and every Federal Reserve talking-head, Sam Zell appears to be willing to 'peddle some fiction' about the less than awesome reality in America. Having correctly called the top of the last commercial real-estate cycle, Zell is predicting global problems will likely push the U.S. into a recession in the next year...

"I’m not being pessimistic, I’m being realistic,” he said last week at a real-estate conference in New York. The U.S. economy is now “in the ninth inning,” he said.

Can you believe it? We’re in the last year of the presidency of the man who, on his first day in the Oval Office, swore that he would close Guantánamo, and yet it and everything it represents remains part of our all-American world. So many years later, you can still read news reports on the ongoing nightmares of that grim prison, ranging from detention without charge to hunger strikes and force feeding. Its name still echoes through the halls of Congress in bitter debate over what should or shouldn’t be done with it. It remains a global symbol of the worst America has to offer.

Submitted by Mike Krieger via Liberty Blitzkrieg blog,

This is a pretty sobering piece by Neal Gabler, a well-known and respected writer of serious books, who confesses that he and his wife are pretty much broke. And they aren’t alone. Excerpts:

The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?

Well, I knew. I knew because I am in that 47 percent.