Posted on 06/07/2011 1:58:20 PM PDT by JohnRLott
Federal Reserve chairman Ben Bernanke couldn't deny the obvious in his speech Tuesday in Atlanta. The economy is bad, with Obama’s “recovery” is setting records for being anemic and the unemployment stuck above 9 percent. Almost 5 million Americans have completely given up looking for work and left the labor force since the "recovery" that started in June 2009.
GDP growth the seven quarters into the Obama recovery has averaged an annual rate of only 2.8 percent, a fraction of the 4.6 percent average growth during recoveries since 1970.
And this recovery would have been even worse if the Federal Reserve hasn't been pumping in trillions of newly printed dollars into the economy, with the so-called "Quantitative Easings" 1 and 2. The current round of this injection, QE2, is scheduled to end on June 30th and will end up putting in almost $900 billion ($600 billion from buying government bonds and $280 billion from buying mortgages). But the Bernanke's announcement today of a new round of printing money is bad news. . . .
(Excerpt) Read more at foxnews.com ...
So QE3 is on the way? I missed the end of the speech, and Fox just has this little teaser blurb.
QE3 on the way, put it this way, as many here have said, once you grab the tiger by the tail it is hard to let go. Another way to look at it is, the government has to sell debt, no one is willing to buy that debt, so what do you do.
Bernanke has to keep printing money because he’s about the only one in the universe willing to buy U.S. treasuries. Imagine the financial chaos if Ben weren’t there to buy all the debt the District of Corruption produces. Even Paul Ryan’s plan increases debt by 9 trillion dollars in the next decade.
Ford announced today they will expand,mostly in Asia! The incentives must be there and not here.
That's right if the Fords are to be sold in Asia. Our economy problem comes from production in Asia that is to be sold here.
Our job problem comes because its cheaper to build there and not here.
That's like saying that colds are caused by sneezing.
Our economy problem comes from 40 years of printing money by the Fed. It's made our prices higher and our wages appear higher with no attendant benefit. Americans turned to foreign products because they were cheaper. Their governments hadn't debased their currencies.
A perfectly rational response to our government's irrational policies.
You’re right. I think everyone is missing it. Take the estimated annual GDP growth rate and subtract the 10% or more inflation and you have a net minus GDP ... a DEPRESSION! Look around, the increase in retail sales is solely based upon inflation, not selling more stuff!
It never fails to amaze me how the leftards just don't get how things work.
Obama’s Deficit Avalanche isn’t Bush’s Fault scottuystarnes.com / 2/9/2010
Washington Times reports: Even more staggering than the mountains of snow in the capital are the deficits the Obama administration plans for the next decade. Huge spending increases will add about $12 trillion to the national debt for budget years 2009 to 2020. The scariest part is that these deficits are based on unrealistic budgeting assumptions; the real fiscal outlook is much bleaker. In the proposed 2011 budget, the White House defensively attacks the “irresponsibility of past” deficits.
For example, the 2009 budget deficit of $1.4 trillion is blamed on the George W. Bush administration as if President Obama’s $862 billion stimulus package and more than $400 billion supplemental spending bill had nothing to do with it. Mr. Obama’s planned 2010 budget deficit rises to an even higher record level of $1.6 trillion.
By comparison, all of Mr. Bush’s deficits from 2002 to 2008 – the seven years during which his team had the most control over the budget – produced a combined deficit of $2.1 trillion. Obama has spent more in 2 years than Bush did in 7 years. Obama’s BIOB (Blame it on Bush) defense just won’t work anymore.
(Sniffle) That's so true.
Heck, what's not to like? High unemployment, High food prices, High gas prices, High utility costs, Record home foreclosures, Bank closings, Investment losses, Stock market losses, Obamacare, A world-class culture in decline, overrun with terrorists and illegals, Trillions of US dollars guzzled by Mideast hellholes.... China dumping US Treasuries, $14 Billion loss on auto bailouts AND billions more in foreign aid to countries holding US Treasury notes.......as Americans lose their homes and nest eggs.
I guess the DNC will create a campaign based on Ohaha's "financial genius." And besides, Obama needs another four years so Michelle can gallivant around the globe in designer fashions, stay at luxe hotels, and eat lobster (sniffle).
THIS JUST IN News Reports Say Job Market Far Worse Than It Appears; raw numbers are downright scary.
Oh, happy day, now the DNC has a-n-o-t-h-e-r good reason to reelect Ohaha.
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Obama’s approval ratings appear to have steadily risen the past two months (course they only polled Dems). Getting rid of putrid Rahm, stashing the execrable Gibbs and Axelrod out of sight (behind the scenes in the reelection effort) was a good thing for Ohaha. And Pelosi out of the way, no longer praising Ohaha, and his healthcare plan, is also working well.
But look closely, voters.... as 2012 looms, Ohaha's looking less human by the minute---more like a vote-crazed, wild-eyed robot, mouthing sound bites.
SEE THE SYNCHRONIZED CANDIDATE Stay tuned. From hereonin everything he says will sound like a focus group sound-bite......with pre-programmed voice inflections, and synchronized hand and head gestures.
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