Obama is actually lucky that the election is in November because all signs point to the economy becoming much worse six months from now - China is reporting a dramatic slowdown, same in India. Europe will not know what to do with Greece leaving the Eurozone, much less looming economic disaster in the much more important EU economy of Spain. German unemployment has risen for each of the past five months. And the key indicators that I watch - FEDEX international shipments and container utilization - are all down quite dramatically. Where is the growth in the US going to come from - not from export demand and Mr. Bernanke’s endless printing of our money and debasement of the currency will do naught other than cause future inflation. As savers, we are paying for his idiotic schemes at the “independent” Federal Reserve - by not getting a dime in interest while inflation diminishes the value of our savings.
Cleaning up after all the crooks is going to be a long and difficult slog.
All true, but to most of us Freepers, this is not “unexpected.” (Although I will have a beer after work per the rules.) The Fed bean counters are desperate to try to avoid using the word “recession” again until November. Truth is, while we never recovered from the last one, we are already in a second recession. The declaration lags behind the data which lags behind the reality. This recession probably began back in the Spring.
But as I said, the Fed are desperate to not declare the reality of it until mid-November. They know that a declaration of recession absolutely kills 0bama’s re-election campaign. I don’t think they can hold out that long. There are too many independent economists out there who will let the cat out of the bag.