The truest happiness he said, lay in working hard and living fugally. Somehow it seemed as though the farm had grown richer without making the animals themselves any richer–except, of course, for the pigs and the dogs.

“Comrades!” cried an eager youthful voice, “attention, comrades! We have glorious news for you. We have won the battle for production! Returns now completed of the output of all classes of consumption goods show that the standard of living has risen by no less than twenty per cent over the past year.. . .”

“Under the spreading chesnut tree
I sold you and you sold me:
There lie they, and here lie we
Under the spreading Chestnut Tree.”

See: http://www.ritholtz.com/blog/2009/08/10-for-tuesday/#comment-203094

Welcome to Red October, The Second Worst W America has Ever Seen™

And that’s the truth.
—-

Err … no. In federal dollars spent per dollar of taxes paid, in 2005 Massachusetts taxpayers received only 82 cents in federal funding for every dollar they contributed to the federal budget. Massachusetts is 40th among states in federal spending received per dollar of taxes paid by the state. The largest freeloaders on the federal weal are New Mexico ($2.03 received for every $1 contributed), followed by Mississippi, Alaska, Louisiana and West Virginia.

Source: http://www.taxfoundation.org/research/show/266.html

In other words, they are heavily subsidized by the rest of us in the other 48 states.

And that’s the truth.

How is it possible that a bubble can only half- burst?

The search begins for a far more accurate descriptor because as is becoming quite clear, the bubbles have a lot more empty air to lose.

“I know this is an unpopular opinion but I think China is more dependent on us than we are on them. ”

?????

who said it’s unpopular???? the whole decoupling nonsense is fanatsy- and those who say EM are the place to be- very high risk in that assumption