No Brakes

Does anyone remember the feeling you got as kid when you launched your wagon(or sled) off the high hill and started barreling down the hill. You realize you are out of control but there are no brakes and you cannot stop. You have to finish the ride...whatever pain it may bring.

Payrolls down 22,000 in January, 63,000 in February. No light at the end of the tunnel and the brakes aren't working. Nothing looking to improve any time soon, thanks to dramatically worsening conditions in the credit markets.

The big question now is whether we will be told the recession started in December 2007 or January 2008. You know if we weren't spending trillions in Iraq and Afghanistan we might have some cushion to ride this thing out.