It's always refreshing to read someone who admits to being wrong. That is a person who is open to the world and learns from it, and that is a person you want to read because you can learn something too.
Here's Mish:
I surely underestimated the effect of global coordinated liquidity move[s] by central bankers virtually everywhere (US, EU, UK, China, Australia, Canada, etc.). The result was we had a 10-year stock market rally in three years. ... [But t]he fact of the matter is Fed tail-chasing policies combined with fractional reserve lending and moral-hazard bailouts have amplified the crest and trough of every boom and bust.
Mish admits he can't predict the next bust which will be a doosie, but he's flat-out asserting we're already in a recession for one key reason:
Fiscal stimulus from Congress is not coming.
The significance of that must not be ignored, as many of us ignored its opposite back in May 2009 as told by Martin Walker of UPI:
Keep your powder dry.
