Well folks, it looks like things are going to get a whole lot worse before they start getting any better-

• Today the largest corporate loss in U.S history was reported by AIG. In 4th quarter of 2008 (that's only three months!) they lost over 62 billion dollars.
• The Dow Jones dropped below 7000 today. In just a little over a year it has lost more than 50% of it's value. Big corp. USA stocks appear to be in a race to the bottom with Citigroup and Bank of America stocks in the "wtf!!!!" price range
• New unemployment claims continue to rise and in a (possibly) related matter;
• Foreclosures continue to chug away at disconcerting pace and in another (possibly) related matter;
• Home prices keep falling

We sure aren't out of the woods yet. What bothers me the most is that no one in the media wants to call a spade a spade and tell it like it is;

The beginning of a depression!

That's right you heard me. Back in 2007 anyone who said we were looking at a recession was laughed off the air and dismissed as a doom and gloom chicken little. One of the few economists who hit the nail on the head, years in advance (Nouriel Roubini) was routinely dismissed and mocked by the experts as "Dr. Doom" for his supposed ridiculous predictions of financial collapse.

When problems arose, the experts sat back smugly and said

"Hey, these big outfits are being run by the smartest, most talented minds in the country. Just a hiccup, now put a little more into your 401K!"

When the problems got worse they grudgingly admitted

"Yeah, there's some bad stuff happening. Don't worry about it, these outfits are too big to fail and we've got uncle Sam in our corner. Now stop doubting us and come on in for the big win!" 

For once, just once I'd like one of these so-called experts to come out and make the simple statement

"yep.... we're fucked!"

Maybe Jim Cramer will snap live on the air again. Or, maybe Larry Kudlow will do the honourable thing and hang himself with his tie in the middle of his show..... alas, one can hope.

What blows my mind even more throughout this absolutely stunning turn of events.... is that no one seems to really care.

Folks are losing their jobs left, right and center (double entendre.... huzzah!) and while they're mad, they just shrug and hope they'll catch some of the crumbs. Eye-popping debt continues to be incurred that will never be repaid (and can never be repaid) that is only growing with compound interest but no one seems to understand what this means.

Sadly, I believe that history is soon going to be repeating itself. The last time we had an economic calamity this serious, it took a world war to get us out of it. One can hope that if building tanks and ships lifted us out last time maybe this time we can find something a little less destructive. Like I said, one can hope.

All I know for sure is that it aint over til the fat lady sings.... and we're just about halfway through the first act, or so methinks.

There's still lots of good news out there if you look for it- I found this particularly uplifting today-

http://www.cbc.ca/health/story/2009/03/01/health-stemcells.html

Scientists in Canada have found a way to create stem-cells from adult tissue. This cuts the whole "stem cell research is evil cause it kills babies" argument right outta the picture. And I'm gonna be depending on a steady supply of stem-cells in the near future to help rebuild my battered joints from all the abuse I've put my body through! We might be poor in the future, but at least we'll be healthy!