What's going on right now seems pretty clear.
Information which is utter nonsense (rosy forecasts from the government, permabull rantings on CNBC, China-will-save-us-all insanity, etc.) has worn really thin. It worked from March 2009 to April 2010. It's not working anymore. The fuel for fools is gone.
Factual information – – even from a source as untrustworthy as our government – – is showing that the economy still stinks. The facts are going to save the bears. Speaking of which, new home sales were dramatically below even the most pessimistic estimates:
