I was listening to the BBC News last evening when I heard quite a remarkable claim.

The newsreader claimed that the recession in America is over with!

U-3 unemployment is up to 10.2%, and it's going to as high as 13% before it levels out. U-6 unemployment, which is a much better indicator of true unemployment, is up to 17.5%.

Just because the stock market is over 10,000 again does not mean the recession is over. The stock market is a global system for one thing, not a national system.

The delusion continues.