http://www.knx1070.com/Fed--Full-Economic-Recovery-Could-Take-5-6-Years/7689645

The headline reads: "Fed: Full Economic Recovery Could Take 5-6 Years".

Gee, it took this long to finally admit it? Notice how financial TV (i.e. government mouthpiece) is spinning it as if they had called this all along. What about hope and change? What about green shoots? What about Keynesian stimulus? What about the V-shaped recovery? Oh, that's right: that's so five minutes ago.

http://www.knx1070.com/Fed--Full-Economic-Recovery-Could-Take-5-6-Years/7689645

Financial media and government economists are pathological liars. They missed the two biggest bubbles in human history: the internet bust and subprime mortgage crisis. At least the Fed is now making an attempt to restore its credibility, espousing fiscal discipline and responsibility. This call for austerity will last about 3 months.

It's an election year, after all, and states, counties and municipalities are going belly up. Don't be surprised if a financial crash is engineered, as justification for a gargantuan bailout in the trillions. Indeed, "We're the government; we're here to help."

The government expects us to have the memory of a gnat, so it would not surprise me if they will use another financial crisis to help us forget cries for fiscal and monetary discipline. This time it won't be banks that are too big to fail. It will be states too fat to starve. Wash, rinse, repeat...