Crump

Market Ticker: If you are betting on an economic recovery - an actual recovery mind you, which is what the stock market is pricing in - you're betting that the banks can "earn their way out" without any impact on GDP forward, and that without the excess credit creation GDP can advance. Alternatively, you believe that the US Government can add $2 trillion to the Federal Debt this year, $2.5 trillion next year, $3 trillion the year after that and so on, replacing private credit expansion.

Hard to argue against this.