Posted on 06/09/2011 9:03:03 AM PDT by rhema
On Inauguration Day, 2009, President Obama seemed so politically blessed by the timing of developing economic trends. I expected that based on American economic history, recovery from the recession should have occurred some time during 2009. Even the longest previous recession since the Great Depression would have resulted in a recovery in summer 2009, as the recession began in December 2007. Moreover, prior American history had shown that the deeper the recession the stronger the recovery. So I was expecting President Obama to pass his economic recovery plan, as foolhardy and ineffective as I believed it would be, and then to ride a wave of adulation as the economy roared back later in the year, which it should have done just on its own according to long established rhythms of the business cycle.
So even I have been surprised by the reality that President Obama's economic policies have been so disastrous that they have prevented any real recovery from getting off the ground, at what is now three and a half years since the recession began.
In America, the economy does not fall into stagnation and just lie there for years, which is the narrative of the Obama Administration, thinking the American people are too stupid to know their own country. Our economy has periodically fallen into recessions, but recovers to show robust economic growth within a year or two. That is why chief White House economist Austan Goolsbee, who does know better, is playing with us when he says as he did last Friday in response to the May jobs report, "there are always bumps on the road to recovery, but the overall trajectory of the economy has improved dramatically over the past two years."
The Worst Recovery Since the Great Depression
How much time do Obama and Goolsbee
(Excerpt) Read more at spectator.org ...
Goolsbee is getting out while the getting’s good.
He is as clueless as the rest of the ‘economic team’.
All they know is books and theories.
None of them have ever worked in the real world, ever had to make payroll, ever had to actually produce a product.
They are intellectual know-nothings..................
I am beginning to think that the crash will come by autumn.
I NOW know it’s coming....my husband suddenly yesterday, after reading some financial people, has decided what I’ve been saying for the last 2+ years is probabaly correct....(”we’re going to lose our investments, so be prepared”)
The author is correct. If Obamacare is allowed to kick-in and the Bush tax cuts are allowed to expire after two more years of doing nothing to rein in spending, we will be facing Great Depression 2.0
Historically and trend ignorant.
Sky is falling! Run for your life!
It always makes the situation worse than if nothing were done.Keynesianism has failed every time it has been tried.
Economists will do what economists have always done... look backwards and compare today to past recessions. I submit that this is a waste of time as we are in uncharted waters here. By rights we should be climbing out of this recession with some strong growth numbers and a firming of employment. But all we hear month after month is the word “unexpected” as in “unexpectedly high numbers for first-time unemployment filing” or “unexpected weak GDP numbers” or “unexpected leap in the CPI”.
When does the regular News media figure out that the Business News people have pretty much given up? Flip on CNBC or Bloomberg. Listen to the commentary. They know that there’s no “recovery”. Oh they still get excited about the occaisional IPO or a particular stock’s performance, but that’s it.
We are in deep, deep trouble.
My personal opinion, FWIW, is predictions of “economic collapse” are as valid as the predictions of the 5-12-11 rapture. Or in predicting earthquakes. At least that is what Prof. Chick N Little says on his web page.
When Jon Stewart on CC rags Obama’s ass about job numbers, his ‘folksy’ talks at businesses and stupid comments, etc., we are in deep, deep doo-doo.... I saw this on his show last night after returning from a long trip and it was then I finally thought, “Zer0 has finally jumped the shark”.
See post 9
Because Hussein hates America and wants to destroy it.
The author is correct. If Obamacare is allowed to kick-in and the Bush tax cuts are allowed to expire after two more years of doing nothing to rein in spending, we will be facing Great Depression 2.0——
We are already facing it.
If nothing is done to change course (oust Obama), we will no longer be facing it, we will be IN IT.
The market is up today simply because the trade deficit narrowed a bit last month, due to the Japan earthquake.
This ‘recovery’ is non-existent. When a real recovery means 500,000 new jobs each month and we actually get 54,000, half of which were McDonald’s hires, THAT’s trouble.
The thing to watch for is when the fed begins to contract the money supply ( they have to eventually ) watch the speed at which it is being contracted. If the fed puts a chokehold on the money supply, then it is time to cash out.....if it takes a slow steady squeeze, then the recession will finally be allowed to run it’s course...temporary difficulty, but we will recover...if a stranglehold is put on the cash supply, then depression #2 will be fully underway...
It's worse than that. The "54,000" number includes an adjustment of "206,000" jobs due to the birth-death model, claiming that Americans created "206,000" net new businesses in May. By these rules, someone whose unemployment ran out, but is getting credited with $3/month on web hits on their personal web page is a new job created.
When “people” finally realize that whatever government, and administrations touch goes to crap in a handbasket, as far as economic policies go, and that the “people” are the ones who will adjust and take charge and not rely upon governemnt to “fix” this situation for us...
That’s when things will start to get better...Till then, we have to put up with the nonsense...
2013 ? I dont know that it will last that long. I wake up every day and ask “Is today the day?”. I must admit that I have been thinking this way for a year and a half now. If we have 2 more years I will be in pretty good shape. Been prepping for two years, small retreat to go to. Planning, thinking, buying supplies all the time.
Its going to get pretty tough here in the next couple years.
No, the sky is fine, it's the country, the American standard of living and economy that's falling and in steady free fall.
All while your leaders spend their days posing for pictures in their underwear.
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