We are in a recession? The truth is noone knows. Some very savy economists with amazing track records don't believe we are in a recession and do not think we are going there. Google Brian Westbury...

Oil is driving us into inflationary tizzy? I don't think so. By far the biggest) factor triggering stagflation in the late 70s was wage growth spiraling out of control that did not come with productivity improvements. That led to businesses laying people off as they simply could not afford them. Go back and look at the unemployment situation today vs say 1981. Two totally different worlds.

Is the fed going in the wrong direction today by easing rates and pumping up the money supply? I don't know about you, I'm seeing a 3% raise this year... Ask yourself this question, what impacts energy costs more, reduced demand as a result of markets making rational decisions to cut back on the use of oil or the USA tightening its money supply and driving up interest rates?

I agree with the previous caller that easing money supply should be equated with our economy taking on more debt -- thinking in terms of "printing money" is like saying debt is a bad thing. Debt can be a great thing if you have an opportunity to invest and generate a higher return than your carry costs.

The secret sauce to our great success in the last 20 years has been and continues to be the amazing productivity increases made by the american worker through applied technology. When we figure out ways to do our jobs more efficiently or create more value for our customers we get to the wonderful concept of sustainable growth. Does anyone believe we are at the end of the road? I look around my workplace and continue to be amazed at all the opportunity for improvement that is just sitting there waiting for me...

The budget deficit is pushing us into economic demise? There is a big flaw in your logic, you need to look at the debt burden as it relates to the size of the economy. Go back and make that adjustment before you talk about record deficits. I was studying economics back in the early 80s and thought the world would come to an end because of Reagan's hawkish military spending and tax cuts resulted in record deficits. Turned out everything worked out GREAT! Google larry kudlow for a more eloquent presentation than I could ever muster.

The dollar is a wreck, that is true. How does that affect me? I will not choose to go skiing in Canada this year, Colorado or Utah will get my money. No trips to Europe for me, I'll spend the summer vacation in the continental 48. That is the down side, expensive travel out of the country. For every ying there is a yang. Corporations that sell in the global market continue to blow the doors off in terms of growth (See Coke, Deere, etc) I'm a believer that if we continue to improve productivity over time the currency will go back to a more reasonable valuation. Who would of thunk it corporations are insourcing from India because the american worker is more productive and more reliable (plus the wage disparity is evaporating)

Last thought, people I respect really believe that the sub-prime mess is drying up liquidity, a bad thing if it is happening that might make you guys right after all. The problem isn't people are not willing to take on debt, the risk is that there will not be lenders willing to make loans. That is what the fed is addressing, watch out for another 50 or 75 basis point cut soon.