Media outlets can no longer ignore our souring economy when even official government statistics are now reflecting the bad news. It's safe to say that we now have inflation, declining home prices, stagnating wages (see chart on page 36 of the link), and rising unemployment rates. As soon as the statisticians run out of seasonal adjustments to tinker with, we might even be able to declare that we are entering a recession.

The reporting of our economic woes does not sit well with the financial elites. Pity those who can only maintain their lavish lifestyles by shipping our jobs overseas, devising even more complex and exotic financial instruments, and lobbying politicians for favorable treatment, while all the time relying on an endless supply of easy money courtesy of Ben Bernanke, Chinese investment, and the Japanese carry trade.

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