Banking crises are followed by credit crises by 2-3 years. It is getting close to that time. We need 3-3.5% GDP growth in the US to really make a dent in jobs. We are not going to get it. There is nothing we can do other than Muddle Through as best we can. Prepare accordingly.

Some things in here that aren't quite right but a lot that seems correct. The jobs data is really bad - the roller coaster is about to go down again.