The car companies stop leasing Trucks and SUV's. Restaurant chains shut their doors. Banks fail. The big media companies are bleeding to death as advertisers pull back. People cannot move and their homes have taken a haircut. New York is preparing its citizens for really bad news about the budget the State and the City are really being squeezed and will have to make drastic cuts - as are many states and cities that depend on sales and housing taxes - all this is coming down into the future - it's inevitable.
Yet many commentators say that things are OK - that we will get out of this soon.
What are they seeing that I am not?