"Credit delinquencies hit record high"

Last month the Dow Jones and S&P 500 both dropped over 6%; there was mention of an additional stimulus; both the fed funds rate and the discount rate were held at near zero; and unemployment rose to 9.5%. There is nothing in that list that speaks of economic recovery. Oil prices have retreated, but now everyone from Congress to Cramer has lost faith in the free market pricing of commodities.

Our consumer spending driven economy has to stabilize with main street. CNN Money reported credit delinquencies have hit record highs on "everything from credit cards to cars." The list of people who have escaped the effects of this recession continues to shrink. Housing prices have to stabilize and unemployment has to slow down before we can throw words like recovery or even stabilize around.

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