There has been no economic recovery. People need to get that through their heads. The stimulus was based on the mad idea that you can spend your way out of debt when you have no savings to fall back on. Needless to say, it failed utterly.
Via The Drudge Report, CNBC has a headline that tries to downplay the content of the article. What Drudge had up is the quote of the article that should have been used.
We’re on the verge of a great, great depression.
Duh. We’ve been in the opening stages of one for years now. Smoke and mirrors can only get you so far and it looks like people are finally tumbling to the disaster that is already upon us. Take the latest job reports for example. Captain Ed at Hot Air has a good summary of what is going on with that. Instead of 177,000+ jobs added to the private sector, 38,000 was the figure for May.
It isn’t surprising that the stock market is down from the latest data. What is surprising is how long it took for them to start noticing there was a problem. But I wouldn’t be surprised if they buried their heads in the sand again. Look at the tone of the first article begging the bears not to rock the boat. It strikes me as desperate.
A great depression is the best case scenario, in my opinion. We may be seeing the eventual fall of the Modern West.
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