New York Times: “Even as this debt was mounting, incomes stagnated for many Americans. “

The mainstream media seems finally to be catching on to the severe difficulties this economy faces. The New York Times has two stories, here and here, on how “borrowers should shoulder the consequences of signing loan documents they didn’t understand, but with punishing terms that quickly made the loans unaffordable. [While] for executives and directors of the big companies who financed these loans, who grew wealthy while the getting was good, the taxpayer is coming to the rescue.”

“I predicted last summer that this would be my 10th bear market,” [John C. Bogle, founder of the Vanguard Group,] said. “But this one is different. The others were more marketlike, reflecting problems in the market, not problems in the society and the economy as this one does. As a result, we’re in for a much more troublesome era than after the other big bear markets.”

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