G Powered Recovery Bummer

Karl Denninger provides a summary of the recent past:

First, we build a Ponzi in the tech industry. Companies with no profit (and no reasonable expectation of ever having one) sell for hundreds of dollars a share, get 100% (or more) first-day price ramps and then, when the bubble bursts, crashes.

Not content to accept that we built a Ponzi Bubble in tech during a Democrat Presidency, and that the fluff had to come out of the economy, we do it again under a Republican one, this time in houses. This culminates in giving people $500,000 loans with no income, no job and no assets, creating price ramps of 100% or more in significant parts of the economy. At the same time we accelerate the offshoring of our job base to an insane degree, decimating the tax base.

The situation has been made worse in the last three years. The inevitable crash will come -- the great depression of our time. The only question is: When?