if we muddle through this great bear, it will be primarily via govt grants, cash helicopter drops, expanding govt employment, extended unemployment insurance, more profitless large corporation enterprise (e.g. most of Dow), and blackmail by labor (e.g. Ford) which makes it more costly to furlough workers than to sell without profit
the cost ultimately will be inflation, once we get thru the muddle
just like late 1970's
American investors are first and foremost illiterates
they dont remember the 1970's since they were drugged out
but we are setting up a Mothah of a Stagflation environment
my take is simple:
worst case a depression
middle case an extended recession
best case a monstrous lengthy stagflation
/ jim
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