In his testimony before Congress last week, Ben Bernanke lifted the Fed's skirt and gave us a glimpse of the disasters now sweeping through the U.S. economy.
But there are four bombshells he did NOT talk about:
FIRST and foremost, what's CAUSING the economy to sink? The stock market has not yet crashed. Interest rates have not yet surged. Gasoline prices have not skyrocketed. There has been no recent debt collapse, market shock, or terrorist attack.
So what is the invisible force that's suddenly gutting the housing market, driving consumer confidence into a sinkhole, and killing the recovery that Washington was so avidly touting just a few months ago?
Bernanke won't say. But the answer is clear: The recovery had very little substance to begin with. Rather, it was, in essence, a mirage — a dead cat bounce bought and paid for by Washington's massive bailouts, stimulus programs, and money printing.
Put another way, the recession never really ended. Yes, we saw some growth in GDP. And yes, thanks to that growth, some companies are still reporting better earnings — the news that spurred a rally in the stock market last week. But at the core of the economy, the fires that started the recession are still burning intensely.
SECOND, Bernanke failed to point how that ...
The U.S. Housing Market Is Now LOCKED Into a Chronic, Long-Term Depression
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How Do you Choose Between Paying your Bills and Feeding Your Kids?
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They won't admit the demise that is coming until they are beggars on the street. Prepare your own family, because Ben won't help you.
ReplyDeleteDepression will last until 2020!
ReplyDeleteAmerica Inc. only helps themselves.
ReplyDeleteWhere is the Hollywood elite? They can raise money for poor over seas, maybe they should put some of their resources to work in their own country.
ReplyDeleteThis is manipulative journalism at its zenith...
ReplyDeleteAnonymous said...
ReplyDeleteWhere is the Hollywood elite? They can raise money for poor over seas, maybe they should put some of their resources to work in their own country.
July 26, 2010 7:14 PM
hahahaha, yeah right. The sheeple would yell that is socialism or some other stupid crap. The Hollywood elite aren't going to kill their cash cow to help out people in need, especially since these people won't be grateful. At least when you help the poor over seas the sheeple watch your movies and buy your products for it.
You would think with the recession the US would stop throwing aid at everyone else, but for some reason that still doesn't happen. People claim out of one side of their mouth that they are suffering from the recession, then on the other side they chastise people and blame them for not being rich and claim if you work hard you will be rich. I love it.
No one should be surprised at the outcome of the US economy (and most of the world). This knowledge had been avaiable for a few years from various economists, although the timing might have been in question. As I was paying attention since 2000, one reason and some others I know, have no debt and will be able to survive better than most. Time is extremely short so get prepared as best as possible, and cut back if you need to, as I agree with 6:20 that we are in the early period and this can last for years (can you say World War III)?
ReplyDeleteGood grief, here we go again. Just enjoy the ride, as it's going to be a long journey, death by a thousand cuts. For those that still have jobs, I say enjoy life. I know I will, in fact I am going to the lake today and will hop in my 26' go fast, with twin screws and performance exhaust.....she burns 20 gallons per hour at full throttle. I am not going to sit at home by the computer and shudder in fear about what MIGHT happen, or might not. Sure, it's fiat, but it still spends the same,LOL.
ReplyDeleteEveryone talks about metals, but I last time I checked I still can't pull up the the gas dock and hand the gas boy a fistfull of Franklin halves for petrol,lol.
Yeah, 9:08 is a retired fireman who sucked off the public's tit his entire career and is now enjoying his fat pension. Typical faux survivalist conservative. I have news for you, Grizzly Adams, there's no need for you in a transhumanist world. You either submit, or die. You best accept that and quit boasting about survival. You won't last more than nano-second when the bots a loosed.
ReplyDelete5:54 LOL your type are what made our jobs so wonderful and continuing,,,,,your a case of the Darwin Award in action LOL
ReplyDeleteit's not gonna get better folks.
ReplyDeleteMy own neighborhood is an example. It's 95% Laino. You know the latino culture, "phuck school, we don't need to go to school"! I have a at least 100 anchor baby kids in the neighborhood between 12-15. In five more years they will all be unskilled, minimally educated young adults, with absolutely no job prospects whatsoever. So sit back and wait for the drug dealing and prostitution to begin.
7:42 is a welfare queen continuing to suck off the public tit and providing no value in return. What do firemen and leeches have in common? That's right, Everything, although leeches are a bit smarter.
ReplyDeletePeople don't choose to go into debt, or at least most don't. The most common debt is probably student loan debt, and there's no real way around that except not going. If you're rich or from a poor family you get need based scholarships so it isn't much, but for most of us in the middle class we're fairly screwed for college.
ReplyDeleteI went to a state school. Then I went to law school and did get that debt, which I may or may not pay off quickly at the rate I and the economy are going. Either I get that big case and pay it off, or the economy crumbles before then (as it has been) and I'm left holding the loan lol.
7:42 You make it so true, I rest my case LOL
ReplyDelete