EDIT: I’m making a bit of a habit of retracting my words, but this time, I’m pretty happy about it. Congress didn’t pass the bill this time. Time will tell if the end of the world is actually at hand, but my gut feeling is that a bunch of people – average minded, decent, reasonable people, with an emphasis on the average of mind – really don’t know how the economy works, haven’t taken the time to find out, because they are busy being politicians, and got blindsided by a couple of much smarter, yet very¬† deluded people, who ought to know better into making a stupendous blunder, in the face of something even more, colossally, gigantically bad.

So, there is going to be another attempt shortly to do this, but the main thing that we should be all doing is getting ready for the inevitable. However, since we are guessing on a continuum, however bad you >reasonably< think it might get, keep in mind that chances are you are wrong by a bit, either up or down. So, prepare accordingly for the most reasonable, worst case scenario.

Read the rest of this entry »