His points are that markets price a perfect economic recovery while the worldwide, economies are sinking. He mentions Europe, the US, and also China over-heating and Australia's bubble popping.
The stimulus that the Fed and Congress have provided is running out of steam, and not just in the US, it's worldwide.
We're in BubbleLand in Commodities and BubbleLand in Junk Bonds.
In the second segment, he discusses the political soap opera that is going about the debt ceiling, where it's clear that the Republican will finally raise the debt ceiling, but that "there is no political problem from either party to address the problem".
The two segments are available embedded below, or you can watch them directly from Yahoo:
- What Recovery? The Economy’s Weak And Getting Weaker, Says Mish
- Debt Ceiling Vote a “Political Sideshow”, Mish Says: Real Issue Is “Govt. Spending Run Amok”