Now raising intellectual capital
from Rolfe Winkler:
Regular readers know how pessimistic I am about the economy. The "recovery" is little more than a government-financed credit bubble and it's back to risky business as usual for much of the banking sector.
But that doesn't mean there isn't good news to report.
For instance, less credit coursing through the economy means deflation, and deflation means stuff is cheaper.
Start with the cost of necessities, like shelter. House prices are down 31 percent, according to the latest Case-Shiller data.
That may wreak havoc with bank balance sheets, but it's great for buyers. Rents are down, too. I was thrilled to get two months free when I signed my new lease. Such terms were unimaginable just two years ago.