Is all the economic doom and gloom justified?

If you've been reading a lot about the economic situation here and around the world, you can't help but be struck by how terrible the future looks to a lot of "experts."Is this a function of the media realizing that apocalyptic news sells and less dire forecasts are given short shrift? Or is there really a consensus that we are in for horrible times?I honestly don't know enough to say one way or another. Here at home, the massive trouble that CITI is in promises to give us the biggest bailout yet. And there are some "experts" saying that the entire financial industry of the United States will soon be nationalized: It's not preferable, but all major U.S. financial companies will eventually be under government control because the alternative is so much worse, Hugh Hendry, chief investment officer at hedge fund Eclectica Asset Management, said Friday."All financials will be owned by the U.S. government in a year," Hendry said. "I bet you."...(Read Full Post)