Steve the Interrogator Liesman

I guess even if you were proven correct about your concerns over the problems with the housing market and then vindicated about your concerns over the credit boom you can still not be accorded any respect from the mainstream media. Yesterday, I was vilified for not getting my mind right in believing the economic recovery has arrived.

The Fed and Administration's favorite mouthpiece Steve Liesman even went as far as wanting to water board me until I assented to his optimistic view. Although I believe Q4 GDP will be near 5% and Q1 will be a moderately positive 2%, the second half of 2010 should bring about a return to negative output.

The removal of government stimulus will clearly illustrate the fragile intrinsic nature of this economy. Unfortunately, from that point on it will only grow worse as I predict within just a few years there will be a sovereign debt crisis in the United States.

Trillions of dollars added to the already astronomic $12.4 trillion dollar national debt should engender soaring interest rates in the near future. Without a massive increase in demand from foreign countries-that have their own debt problems-the Federal Reserve will be forced to purchase our debt in order to keep the country solvent. Of course that is a prescription to perdition but unfortunately, that will be viewed as the only way to service our debt.

Sorry I can't be a shill like everybody else. But I care too much for this country and its citizens to just put my head in the sand.

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