I hear people, repeatedly, referring to this financial crisis as a recession. In a recession, the Fed raises interest rates to to choke off an overheated economy. Has the Fed raised interest rates? No. This is a deleveraging. Too much credit was extended by overly greedy people to people that were inundated with the ‘trees grow to the sky’ theory. ‘Reality’ was totally miscast. Ray Dalio referred to the current economic malaise as a ‘managed depression’. I think that’s a lot more in line with reality. Let’s hear it for reality. And for Ray Dalio.