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Almost exactly 20 years ago, I met Bob Tobiasz who, at that time (as a very substantial real estate holder), was wrestling with the failure of the Bank of New England. Neither of us would ever have imagined we would now be writing articles in hopes of letting folks know the truth about what they are soon to face as the U.S. economy continues to falter at an alarming and dangerous pace. Bob's latest commentary is one that you really must read if you would rather know the truth about what you are up against - and you are sick of listening to the national media and being led down the primrose path:

Here are the "opening thoughts" from this month's (October, 2009) RBT Commentary:

"Americans are constantly being assured by some politicians, business people and various news publications that we have 'turned the corner' and are emerging from the longest lasting recession since the Great Depression of the 1930's. Some publications have been so bold as to proclaim that the recession is definitely over. Nothing could be further from the truth as evidenced by a quick review of the United States economic, banking and financial landscape outlined below."

Please take a moment to read this entire commentary (you'll be shaking your head when you finish - wondering how we ever got into this horrendous mess) at:

http://www.ehsportal.com/commentaries-us-economy/disastrous-holiday-season.php

My close reading of this commentary had a special significance. I started reading it closely around noon today (October 27, 2009) and, in the approximately 10 minutes I took, the national debt (according to the debt clock I have running on the homepage at www.ehsreports.com) crossed the $12,000,000,000,000 mark - and was increasing at a rate of approximately $3,000,000 per minute.

There are a number of people who, perhaps, can be credited with a significant amount of "blame" for letting this happen - but one stands out in my mind more than any other:

Thank-you, Mr. Greenspan.

- Ed Smith, Publisher
The EHS Letter Manual