Posted on 01/30/2013 8:50:03 AM PST by Nachum
Rick Santelli made a stunning observation Wednesday about the shocking report that the economy actually shrunk in the fourth quarter last year. "We are now Europe," he declared on CNBC´s Squawk Box. "Hey Joe," Santelli said, "when you act like Europe, you get growth rates like Europe, and our discussions with economists sounds like we´re in Europe. They have the same discussions constantly." "They’re always doing the right thing," he continued. "They’re always thinking they know better. And this is the kind of growth. We have become Europe. We are now Europe."
(Excerpt) Read more at newsbusters.org ...
There’s still much for Zippy the Commie to do.
I only turn on cnbc when Mr. Santelli is likely to be on, and Mr. Griffith as well. The rest, including the ‘money honey’ can take a hike.
No where close. We still have four years to get to Zimbabwe.
Obama’s economy is really running at the BEST it can right now, which is quite pathetic. He’s got the Fed printing $85 billion a month and is shovelling it out through Gov’t as fast as he can. According to foolish Keynesian Central-Planners like Obama, things should be going gangbusters.
What to watch out for is how BAD an Obama economy can be. There’s a lot of downside with ideologue socialists following fantasy.
The Euro-peon-ization of America rages on!
” No where close. We still have four years to get to Zimbabwe.”
***
Zimbabwe may he in better shape.
GDP has been overstated for at least the last six quarters and scarier still a Q4 .1 % contraction is also inflated after adjusting for government spending. In Q3, government was 35% of GDP growth while it has historically accounted for around 13% of the economy. Now look at national debt as a percentage of GDP. Growing from low 60% in 2008 to low 80% currently. Levels previously seen only in the years right after WWII. Throw in some under reported inflation figures and we could be wishing we were just another PIGS!
Stevie, when you spend more, that's not a reduction. It doesn't matter that you wanted to spend 15% more than you spent, you spent more, so you didn't reduce spending.
Is that really so hard for you to understand, Stevie?
This morning ABC radio news had an expert who excused the low number saying it reflected a major cutback in defense spending. Anyone know if this is correct?
Yes. Because it is the spending lever they can control that doesn’t enrage their constituency (by any means) and was also inflated by two wars and would inevitably revert to historically lower levels by definition. Creative economics for sure.
What’s problem, the Market is at an all time high.../sarc.
Ummm, we WISH we were only as bad off as Europe...
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