As Leona Helmsley said it’s just the little people who pay taxes — and suffer in a “recession”. You will remember Keynes’ definition of a recession. It’s when your neighbor has lost his job. It’s a depression when you lose yours. (It wasn’t really Keynes. Just couldn’t remember who said it — actually it was Jeb Bush.)

It’s the media that’s depressed, and will manage to talk the impressionionable into panicking and liquidating their assets at firesale prices for us cynics to buy at pennies on the dollar. (Dollar? Give us some Euros.) Here we are clowning around again, and we haven’t even got around to pointing out the obvious — that the Dow is in a downtrend. We would have to take out the high at month end (Jan/Feb) to get back into the sideways market. Fortunately all of our readers are out and into individual issues like gold and silver. SLV here.

The reason the media keeps talking about “recession” (they are the mouthpieces and lick spittle running puppets of the powers that be) is the powers that be don’t want to whisper the word (quietly) S*T*A*G*F*L*A*T*I*O*N

OIL has entered a trading range. The basing point is marked and is valid — say 5 or 6% under for the stop.

This is beginning to look like a double bottom in the dollar. The neckline, just under 78 is not marked. But it’s there. Just like the word “long” in French. They don’t have the word, but they have the concept.Meanwhile the dollar is the barometer of American reputation in the world. All time low. Cheer up. You could be Italian. Actually that might be better, in spite of Berlusconi. Prechter is always talking about the social mood which is certainly not cheery at the moment — unless you’re on Wall Street where they are being rewarded with $34 B (ILLION!!) in bonuses for trying to destroy the economy. Stranger and stranger.

Isn’t the age of the neo-robber barons fun?