Posted on 07/22/2009 9:23:01 AM PDT by Starman417
The loud, national sigh we heard this week was America gratefully, but suspiciously, acknowledging Ben Bernanke’s claims that, well, it’s over. The Fed Chair is satisfied that the recession is in a turn around mode, or at least stabilizing. Covering his backdoor, he added that America can look forward to a sluggish recovery. Just in case anyone missed it, he added, with all the vigor and compassion of a snail, “Unemployment will stay high for some time. It’s not going to feel like a very strong economy.” You cannot get more confident than that, can you? With that level of insight you can now go out and make major decisions for your own future, such as, whether or not to buy a house, upgrade your car, perhaps even fly to Europe on the wings of hope. No? This is the kind of foggy thinking and direction we have come to expect from the independent organization that controls America’s most important economic element – America’s money. Did he define an exit strategy for the money being fed into the system? Did he even describe where, or how, that money is doing anyone any good? Not so much. Bernanke is the same expert who only last year told Congress wonderful fairytales about housing, the markets, and the economy just as the bubble was beginning its implosion. This is the also the Bernanke who, along with Geithner, in a desperate moment of panic made a deal with J.P. Morgan, taking on $30 billion of toxic derivatives from Bear Stearns. Even former Fed Chairman Paul Volcker thought the deal impelled the Fed to, “extend to the very edge of its lawful and implied powers.” What an incredible understatement. The agreement viewable here, was not a loan as claimed, but an outright purchase of an ephemeral mountain of garbage. It was in effect a gift. Did anyone in Congress jump on this breach of law? Of course not. No one would dare question The Fed. Did anyone explain why Lehman was sent over into the abyss, but not Bear? Don’t ask. You don’t want to know. You also won’t be told how it was possible that giant firms including A.I.G., were allowed to gamble with complex derivatives that their own executives didn’t understand. The crumbs leave a trail from Wall Street, all the way to Congress. You will note that the first signature on the hastily created agreement (linked above) is Tim Geithner’s. You can judge for yourself with a little analysis of Tim’s “signature,” what help such a massive ego (IMHO), will bring to your neighborhood. While you’re at it, also check out Morgan CEO James Dimon’s scribble on the signature line. Let me know what you think he’s all about. Looking at that signature, I doubt anyone really knows, but in the meantime, understand that he has more influence on your life than most of your friends do. These are some of the egos that were so overwhelmed with arrogance, and so confident in self intelligence, that there was nothing that the economic super-bubble would throw at them which couldn’t be handled. As the world economy melted about their ankles, all they could do was panic, and in turn panic everyone around them. (Excerpt) Read more at floppingaces.net ...
if anyone believe anything ben says i got bridge to sell you
No word about auditing the Fed eh!...
It’s still getting worse. What the heck is this guy talking about? We haven’t hit the bottoms in unemployment or residential foreclosures yet, not counting commercial Real Estate’s impending implosion. The Dollar destruction this administration has engaged with fanaticism takes time to work as well. I’m shaking my head here.
Well this is just a play out of the Old Fox textbook, isn't it? If you are failing badly just declare victory and move on.
The pressure has been on.. created by Obama himself when he promised spending $1 Trillion on a bailout would start to work immediately. Months later things have only gotten worse. Still losing 500,000 jobs a month. Obama is feeling the heat from the polls... hes approval is sinking like a lead balloon. It no longer is politically useful to have a recession, therefore let us declare it officially over. I guess this is like the unfortunate "Mission Accomplished" banner that was misinterpreted during the Bush years.
Bernake: "Mission Accomplished" Right you are sir!
“The Fed Chair is satisfied that the recession is in a turn around mode, or at least stabilizing.....”
Sure it is, Buckwheat!
don’t piss down my back and tell me it’s raining.
There seems to be some people out there who don’t believe the Fed hype.
http://jameshowardkunstler.typepad.com/
parsy, who doesn’t believe it
Michigan just posted 15% today. I think our county and surrounding area will be over 18% to 20%.
E-mail I recieved:
We hear from the government and the media that unemployment in the United States is at 9.5% overall. But of course these values are being derived solely by the individuals that are currently collecting wages from the government through the Unemployment System. However, what is not taken into account are the individuals that can’t find a job, have taken a pay cut or reduced hours, have taken a job making less money, have already used their unemployment benefits, and those who just will NOT work!
Here is another perspective:
United States Population: 307,212,123 (July 2009)
Labor Force: 155,200,000 (2008) (This includes individuals collecting wages through Unemployment)
Working Population: 205,832,122 (July 2009) (Persons at working age or have the legal and or physical ability to work) (Ages 15-64)
This information is part of the US census provided by the CIA. If you do the math, the unemployment rate could look very different.
Here is the math:
Population = 307 million (100%)
Labor Force = 155.2 million (50.5%)
Working population = 205.8 million (67%)
Now subtract the 9.5% from the 50.5% because these are the individuals that are currently unemployed but collecting Unemployment Benefits.
50.5% - 9.5% = 41%
So, 41% of the US is now currently employed in some way, shape, or fashion.
Now subtract the 41% that are working from the 67% of the population that are eligible to work.
67% - 41% = 26%
The actual unemployment of the United States is 26%!
So this basically means that 26% of the population that is eligible to work in this country are currently unemployed whether by choice or circumstance.
And like I said in the beginning, this doesn’t include the individuals that can’t find a job, have taken a pay cut or reduced hours, have taken a job making less money, have already used their unemployment benefits, those who just will NOT work, and now with this data, those who are over the age 64!
If you have a job, be thankful! There are a 126 million people that would love to have yours.
Have a great day!
I found this on the floor after I hit the 'post' button.
"not"
Thank God he scrambled to prevent catastrophe last fall, so that he can go on unilaterally spreading around other people’s wealth to whomever he chooses.
“I guess this is like the unfortunate ‘Mission Accomplished’ banner that was misinterpreted during the Bush years.”
I never understood the hullabaloo over that. I can usually put myself in the heads of people who hate Bush (don’t like him all that much myself, which helps). But what’s the matter with celebrating, just a little, successfully invading and topling a regime? It’s not like he declared a national holiday, or had a parade in Times Square. Nor did he declare victory; the banner didn’t say “War Over”, did it?
“and those who just will NOT work!”
Shruggers?
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