Just where is this recovery that every one's talking about?

Because it doesn't exist.

Bank of America and Citigroup - which make up 35% of the credit card industry - just announced that consumers are defaulting on credit cards at rates no seen since the recession began. Bank of America's charge off rate was 14.5%.

Other banks like JP Morgan, and creditors like Discover and American Express have recently revealed similar August numbers. This is reality. And we're not surprised... just shocked at the naivety of Wall Street bulls that think the worst is over.

Credit card defaults typically track unemployment, which just rose to a 26 year high of 9.7% (really 16%) in August. The jobless rate isn't expected to peak soon.

Consumers are in trouble.  There is no recovery.