In spite of California's deep, structural problems, America's economy as a whole is chugging along nicely, though you probably wouldn't know it from the mainstream media. Which is why business-oriented Bizzy Blog has a post headlined, "43% of the Country Believes We’re in a Recession".

As a former financial planner, I've long been astonished at how so many Americans can be ill-informed on basic economic issues. But on the other hand, if the reverse of this headline is true--if say, 86 percent of the country believes we're not in a recession, then it might be a good idea to check your calendar. It probably says 1987 or 2000 on it, with an economy--or at least a stock market--that's just about to peak.

(H/T: Roger L. Simon.)