With unemployment on the rise and blue-chip stocks selling for less than most bargain bin items at the local dollar store, the U.S. economy seems to be sinking faster than the Republican party.
Or "falling off a cliff" if you prefer billionaire investor Warren Buffet's rosy assessment of the situation.
Despite a slight bounce from big pharma's blockbuster merger between Merck & Co. and Schering-Plough, the Dow Jones Industrial Average tumbled below 7000 for the first time in 12 years, edging ever closer to the once-inconceivable 5,000 mark. That's about the point when stockbrokers start falling from buildings, in case you're confused.So what's a (broke) nation to do? Well according to one economics expert also known as "Dr. Doom," a hell of a lot more than an $800 billion stimulus package if you ever expect to get out of this 15-month-and-counting recession.
But don't assume that just because he correctly predicted the current financial crisis, Dr. Doom will be able to convince Republicans in Congress that "tax cuts are a waste of money" and drastic action like nationalizing the banks (the dreaded "N" word, gasp!) is the best, most market-friendly way to get us out of this mess.
Even with the right moves, he admits it'll probably "get worse before it gets better." And while Dr. Doom does see "a light at the end of the tunnel," those who believe in a second half recovery this year "are delusional."
Fortunately, I think there's a solution for that.