Q: What needs to happen to get us back on track?
A: We're going to have to take some pain. We'll have to reconfigure our economy less towards consumption and more towards manufacturing more products that can be sold abroad. Our standard of living is going to have to come down.
Q: What's the worst-case scenario?
A: The Federal Reserve's policy to always bail out the economy was a big mistake. The dollar is a huge problem because foreigners see us continuing to debase our currency. It's going to be a massive recession if not a depression. The fixes don't really fix anything; they just make it worse.
~ David Tice, "Prudent Bear's Approach Delivers Payoff," WSJ, March 27, 2008