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Peter calls a recession "necessary medicine", to put the US economy back on course.

The Fox host tries to float the idea that all the recent media talk about a recession is worsening the situation, as Americans become more aware and cautious about what is happening.

Peter has another point of view, he says the main reason for a recession is, Americans are broke!  They borrowed and spent like there was no tomorrow, and now the chickens are coming home to roost.

Thank goodness someone like Peter Schiff is able to get on these shows and state the obvious.  Too bad more people weren't paying attention a couple years ago.

Which brings up a related point, I wonder if people here in Canada are paying attention? 

Professor Roubini. A wide ranging interview covering global conditions, not just american financial conditions.

Jim Cramer thinks the rate cuts should have been bigger. So then we could all live in $2,000,000.00 homes and drive those hummers they parked in the desert and couldn't sell when all that home equity evaporated. How can we reinflate that bubble without cheap credit anyway?.

The alternative, painful as it is, is to let banks fail, after which the economy will go into recession.

Or something like that.