myspace lays off over 400 people

Times are tough, instead of an economic recovery, what we see is more turmoil. Reports that myspace lays off over 400 workers should help wake you up - from the mirage of a false recovery.

This talk of "recession is over" is wrong. In fact what is taking place is that we are sinking ever deeper into the mire.

Firms need to adjust to a new reality; one where there is a lot less money. This reminds me of people in the great depression would always say "prosperity is just around the corner."