March 31    The credit bubble created by an over-accommodating Federal Reserve leaves a horrible hangover and massive imbalances yet to work their way out of the system.  Citing productivity gains is nothing but propaganda to divert the public from the policy blunders of the past and present economic winter.  The productivity mantra is being used to give the illusion of prosperity to an investing public that needs hope to soldier on.  Only time, bankruptcy, merger, corporate restructuring, and industry consolidation will cure the disease of “bubble induced over-investment”.

                                    - RICHARD BENSON