Ordinarily, we are inclined to call attention to the silver linings in the clouds that periodically gather over the markets. But if you feel badly about the state of the economy and the markets today, we’re not going to deny you that right. For the first time in a while, we will admit that it feels bad, because it is bad. Oil continues to trade at new highs on almost a daily basis… gasoline is now well above the $4 mark… the housing market is still in decline, and (largely as a result of housing) the banking industry continues to announce billions of dollars in write offs, dividend cuts, layoffs and capital infusions. Last week’s employment data showed some acceleration in job losses, increasing the odds of a prolonged recession.

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