Mish posted the results of opinion surveys showing that 92% of Americans believe the country is still in recession, 65% expect a double dip, 71% believe the country is fundamentally broken, and a net 32% expect to reduce their personal spending.

This would be consistent with the US consumer throwing in the towel.

On a personal note, I have only good memories of America from my 4 years in Boston and I wish all these dire forecasts that I have been posting lately to be proved wrong. I am posting these things out of genuine concern for America – not to bash the country where my son was born and my daughter first learnt to read and write.