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We have finally reached a point where all denial is gone and we are ready to admit the error of our ways. Sure, there were plenty of folks ringing the alarm bells years ago, but universal acceptance of the fundamental economic calamity that faces us from every corner of the world, and every person with two cents to rub together, has just now taken hold.

I wrote quite some time ago that the turning point in the economy cannot come about until President Bush admits there is a problem and that he will be the last person to do so. While I do not have a high opinion of President Bush, the facts speak for themselves as I wrote one year ago. (See Is Bush giving the country away without knowing it?)

The storm is not over, but we are coming to grips with it at very great expense. Admitting our errors is only the start; now we will have to spend years fixing problems and making many compromises. Unfortunately many people may lose their homes, jobs or both before we see significant growth.

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Fog clearing - maybe. Clear skies - no! GE, JNJ, MRK, PG, RTN, WFC originally appeared on BloggingStocks on Mon, 13 Oct 2008 13:42:00 EST. Please see our terms for use of feeds.

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