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Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.
But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.
Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."
"Such is human nature and nobody can be blamed for trying to be optimistic; however, in the money management business, we have a fiduciary responsibility to be as realistic as possible about the outlook for the economy and the market at all times," he said.
The 1929-33 recession saw six quarterly bounces in GDP with an average gain of 8 percent, sending the stock market to a 50 percent rally in early 1930 as investors thought the worst had passed.
"False premise," Rosenberg said. "And guess what? We may well be reliving history here. If you're keeping score, we have recorded four quarterly advances in real GDP, and the average is only 3%."
I am hearing that the government is preparing to mail out stimulus checks.
ReplyDeleteI hope they do. Yesterday my grandson spilled a whole glass of milk on the carpet and just laughed.
When he has to pay back my stimulus check plus interest, he will be sorry.
I doubt there is any thing we can do,as the debt clock gets deeper in debt.Fact is,no one will be making the amount the bankers think we should be making, to pay are monthly dues.Stimulus checks are just a another add on to are debt and some how the banker will make another profit off your hardship.PLEASE,REVOLT AND GO AGENTS ARE SLAVE GOVERNMENT!!!!....
ReplyDelete1!:41AM
ReplyDeleteThat is classic!
The politicians and corporations have sold us out. I'm looking into moving out of the USA and living abroad as an expat. The cost of living overseas in some countries is much cheaper. I can no longer afford to live in my homeland, the USA.
ReplyDeleteDon't worry
ReplyDeletebe happy
Tomorrow is 08.25.10
Where are U - oh great soothsayer that was oh so
prolific with ur physic doomsday predictions -mere weeks ago ?
Where
ARE
YOU NOW ???? !!!
4:25 in case you're wondering about the 25th. Its a GEORGE URE prediction, of some sort of catastrophic event. It will probably come and go like today.
ReplyDeleteI can't wait for August 25th to come and go just like today so you can shut your pie hole already.
ReplyDeleteHere is the prediction
ReplyDeleteHERE
4:35,
ReplyDeleteYou are one angry dude. Who cares? It was a prediction, sometimes they come true and sometimes not. So be it. You decide to prepare for emergencies or don't. I am not into all of these conspiracy theories, but I do beleive that we are in a depression and things will get worse. So I have prepared for it. Thats all, no biggie. Take the ego out of it and just make a rational decision. BTW, if you don't think we are headed for worse times, then why come to this site? Go watch "American Idol" or something. I can never figure out why trolls are so angry?
4:56 and everyone else watching.
ReplyDeleteAs usual; you mind numbed robots totally miss the pitch.
Ga damn it ! We are a bunch of watered down Cucumbers.
If you make a statement - then sonofabitch- you better know what the fuck your talking about!
Our ENTIRE country now runs on sound bites, infomercials and idiotic mubo jumbo.
that's why I ram so hard on these predictions -
we're coming into hard times people
You got to KNOW what the fuck your doing or it will cost you you and your family your life!
3:19
ReplyDeletePlease name one country that will take you, that is not in the same sinking boat we are in?
At least here in the USA, I can sleep with my 3 girls
Emily is my first born at .223
Rocky came next, she's .45
Becky is my baby, she's the youngest at .44
You leave the country and you'll have no one to take care of you in your old age.
5:03 really needs to sit back and relax with a glass of ice water.
ReplyDeleteThis video is so bad, why did this get posted? It devalues everything else on the website.
ReplyDeleteThe US ponzi economy and dollar began its final implosion with the lock down of money /credit supply in 2008 . Bailing out the losses of companies by printing money to get a ‘recovery” of ponzi American profits back to the old level, can in no way put America back to work.Profits can no longer be made in high waged America so banks do not want to lend and business does not want to borrow for new investments.
ReplyDeleteThe banksters only feed on the government tit
The United States is deeply in debt, plagued with dubious accounting standards, and saddled with massive unfunded liabilities and promises of banksters to bondholders and derivative gamblers that cannot possibly ever be paid .Therefore they will not.
Attempts to bail out that failed system with Austerity in a corporate state for the people are bound to fail but will create a lot of food stamp misery for the try.
The American people are told that the federal government debt is around $13 trillion. That sounds bad enough—but it gets even worse. Together with unfunded liabilities (the benefits that the government has promised to seniors, Baby Boomers, and other citizens) our nation is in the hole for more than 74 trillion dollars. That's more than $242,000 for every man, woman, and child in America, and it's growing daily. Bold leadership, citizen engagement, and tough decisions will be required to face our nation's financial challenges. Without accurate financial information, none of these is possible.
All of this $242,000 of debt has to be repaid with interest!
That will take decades to do. As government tax revenues are decreasing and the revenues are claimed by gov. bondholders
But, Amercans can no longer even afford their credit cards and housing payments.
The Americans are told that the US has the biggest economy in the world counted As “GDP’
But GDP is a nonsense measure of real value production only an accounting trick
1 million dollars may be spent making a shitty mess and then 1 million dollars cleaning up the mess and that's 2 million dollars of GDP.
TRUE USA’ s GDP
http://www.vdare.com/roberts/070612_offshoring.htm
Prof. Chossudovsky: Peoples Republic of China is Already World's Largest Economy
http://tv.globalresearch.ca/content/could-china-already-be-worlds-largest-economy
Michel Chossudovsky from the Centre for Research of Globalization in Canada argues that GDP is not representative of the actual strength of an economy, which could mean that China's economy is already the biggest in the world.
“A large share of the commodities that we consume in the US, Canada, Western Europe are made in China,” Chossudovsky said. “The US economy imports cheap at $1. They resell at ten, and the GDP goes up by nine dollars. That is how it works. GDP is not a measurement of productive assets; it is a measurement of value added.”
Shadow Government Statistics Analysis Behind and Beyond Government Economic Reporting
http://www.shadowstats.com/
But ,power And the ability to exercise that power using the dollar hegemony in world trade and finance throughout the world involves a real economy even larger than what is reported.
Looking at US of A service jobs and thinking they support nuclear missiles, carriers, 4th and 5th generation fighter planes, military bases in over 120 countries, the complete corruption of hundreds of governments and the ability to charge the rest of the world to pay for almost everything of importance that they purchase in US d0llars is a much larger economy than $14 or even $15 trillion. The economy of the empire is many times greater than that, most of it supported by NON US OF A workers producing real physical wealth in industry and agriculture that has been transferred to America . This is a understanding that needs to be fundamental, for there to be a fundamental change in the world and how the world is run and for america to be rebuilt with jobs ,without empire dollar gangsterism one needs to understand how the world works today.
The US ponzi economy and dollar began its final implosion with the lock down of money /credit supply in 2008 .
ReplyDeleteBailing out the losses of companies by printing money to get a ‘recovery” of ponzi American profits back to the old level, can in no way put America back to work.Profits can no longer be made in high waged America so banks do not want to lend and business does not want to borrow for new investments.
The banksters only feed on the government tit
The United States is deeply in debt, plagued with dubious accounting standards, and saddled with massive unfunded liabilities and promises of banksters to bondholders and derivative gamblers that cannot possibly ever be paid .Therefore they will not.
Attempts to bail out that failed system with Austerity in a corporate state for the people are bound to fail but will create a lot of food stamp misery for the try.
The American people are told that the federal government debt is around $13 trillion. That sounds bad enough—but it gets even worse. Together with unfunded liabilities (the benefits that the government has promised to seniors, Baby Boomers, and other citizens) our nation is in the hole for more than 74 trillion dollars. That's more than $242,000 for every man, woman, and child in America, and it's growing daily. Bold leadership, citizen engagement, and tough decisions will be required to face our nation's financial challenges. Without accurate financial information, none of these is possible.
All of this $242,000 of debt has to be repaid with interest!
That will take decades to do. As government tax revenues are decreasing and the revenues are claimed by gov. bondholders
But, Amercans can no longer even afford their credit cards and housing payments.
The Americans are told that the US has the biggest economy in the world counted As “GDP’
But GDP is a nonsense measure of real value production only an accounting trick
1 million dollars may be spent making a shitty mess and then 1 million dollars cleaning up the mess and that's 2 million dollars of GDP.
TRUE USA’ s GDP
http://www.vdare.com/roberts/070612_offshoring.htm
Prof. Chossudovsky: Peoples Republic of China is Already World's Largest Economy
http://tv.globalresearch.ca/content/could-china-already-be-worlds-largest-economy
Michel Chossudovsky from the Centre for Research of Globalization in Canada argues that GDP is not representative of the actual strength of an economy, which could mean that China's economy is already the biggest in the world.
“A large share of the commodities that we consume in the US, Canada, Western Europe are made in China,” Chossudovsky said. “The US economy imports cheap at $1. They resell at ten, and the GDP goes up by nine dollars. That is how it works. GDP is not a measurement of productive assets; it is a measurement of value added.”
Shadow Government Statistics Analysis Behind and Beyond Government Economic Reporting
http://www.shadowstats.com/
But ,power And the ability to exercise that power using the dollar hegemony in world trade and finance throughout the world involves a real economy even larger than what is reported.
Looking at US of A service jobs and thinking they support nuclear missiles, carriers, 4th and 5th generation fighter planes, military bases in over 120 countries, the complete corruption of hundreds of governments and the ability to charge the rest of the world to pay for almost everything of importance that they purchase in US d0llars is a much larger economy than $14 or even $15 trillion. The economy of the empire is many times greater than that, most of it supported by NON US OF A workers producing real physical wealth in industry and agriculture that has been transferred to America . This is a understanding that needs to be fundamental, for there to be a fundamental change in the world and how the world is run and for america to be rebuilt without empire dollar gangsterism one needs to understand how the world is run today.
Completely agree with 12:23 !!!
ReplyDeleteGeorge Green is a loon! I researched the guy years ago and it didn't take much to reach that conclusion. Posts like this one call the site into question. WTF?
We "probably" are in a depression or beginning a depression. The simple truth is we don't know and won't know until we can look back on it. It is clearly worse then any other recession since the great depression so it could well be another great depression. Look for it to continue to stagnate for years and years. Look for the states to end critical services and begin handing out food on the city hall steps. Look for dramatic shortages of basic essentials in the supermarkets. Look for the end of unemployment benefits. Then maybe you can say we are in a depression.
ReplyDeleteThe glorius free market in credit is creating a new american dream and nation for america.
ReplyDeleteProgress !!
Tent ciies and a nation of out of work Gypsies living on food stamps .
All tents can proudly fly the Third World American flag ,in order to exspress their determination to defend their property from the "terrorists" out to destroy their freedom to pay for wars and protect the trade in american idle hot dog cultural lifestyles .
ReplyDelete"I am hearing that the government is preparing to mail out stimulus checks." said 11.41.
ReplyDeleteGeorge W Dumbo already tried that stimulus cheque one ,another mission accomplished!Just
right before he got Paulson and
congress to vote for the bailout for the banksters stimulus now managed by his O mama Bush 111.
(no do not ask to see the birth cerificate of
O mama )
True ,neither the cheque mailout or the first bailout worked very well .but thats
all water under the bridge and as you say :
no good crying about spilt milk your grandchild will have to pay the bill for.
More quantative easing for the banksters ponzi is arriving soon .
So not to worry.
Everything is in full recovery
Just ,chew on your foodstamps while you wait.