Rachel Maddow reviews what has happened in America since President Obama took off on his first trip abroad: a dismal earnings season has begun, the unemployment rate has continued to rise, executives expect more layoffs–and yet, consumer confidence is growing. Does this mean the economy is improving? Princeton economics professor and New York Times columnist Paul Krugman says public optimism doesn’t matter as much as the state of the credit markets, which “are inconceivably bad by normal standards,” and the regulatory reforms of Tim Geithner and Larry Summers, “smart guys–ask them, they’ll tell you,” who are unfortunately pushing a bad plan.

—Corbin Hiar

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