This conversation on CNBC summarizes two of the major camps of view - those who view this as a typical recession / recovery cycle (as presented by Richard Hoey) versus the it's different this time because we're in a secular deleveraging cycle (as presented by David Rosenberg aka permabear).  I think it's a pretty rationale conversation showcasing both sides as Mr. Hoey does not bring the Kool Aid perspective.

Also this morning is one of my favorites Jim Rickards describing how there is no price discovery in the bond markets anymore as we live in some Alice in Wonderland where it is more important to predict what the Fed will do than actually analyzing fundamentals.  Further, some discussion on the same themes I had presented in the past in terms of what *should* have been done in the banking system i.e. the General Motors treatment for the oligarchs (but the horse is out of the barn).  To this day I am amazed GM bond holders were slashed and burned, while bond holders in the finance world were treated like royalty and handed the taxpayers money without condition.  Pathetic.

8 minutes