In Obama’s defense "Obama said The US Economy is not the economy he knew for 20 years.”
8 states see record unemployment rates in May
WASHINGTON (AP) — The unemployment rates in eight states hit record-highs last month and only two — Nebraska and Vermont — did not report increases.
The Labor Department says 48 states and the District of Columbia saw employment conditions deteriorate last month. The fallout from the longest recession since World War II, was the worst in Michigan. Its unemployment rate rose to 14.1 percent. 8 states see record unemployment rates in May – Yahoo! Finance
Green Shoots? Sure take a look at these charts from Vox’s post a Tale of Two Depressions. (Hat tip Atlantic’s Derek Thompson) Let’s just ignore the silly idea that more debt will lead us out of this disaster and concentrate on the disaster in the making. We are well and truly screwed…
Industrial output, four big Europeans, then and now
Yea things are looking FABULOUS! Green Shoots popping up all over the place…
About the idea that spending money will fix this…err no. If you want to find out what is going to happen and if you really want to know how to fix this then you have to listen to those folks who called this disaster in the first place. Start with Peter Schiff then move to this which is an essential piece of the puzzle. Why listen to folks whose premises about the economy have been wrong all along? To predict the future in economics you have to at least prove that you were successful in the past. Why listen to economists who were predicting nonsense like this:
February 28, 2007 – Dow Jones @ 12,268
March 13th, 2007 – Henry Paulson: “the fallout in subprime mortgages is "going to be painful to some lenders, but it is largely contained."
March 28th, 2007 – Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"
March 30, 2007 – Dow Jones @ 12,354
April 20th, 2007 – Paulson: "I don’t see (subprime mortgage market troubles) imposing a serious problem. I think it’s going to be largely contained." , "All the signs I look at" show "the housing market is at or near the bottom,"
April 30, 2007 – Dow Jones @ 13,063
May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.”
May 31, 2007 – Dow Jones @ 13,627
June 20th, 2007 – Bernanke: (the subprime fallout) “will not affect the economy overall.”
July 12th, 2007 – Paulson: "This is far and away the strongest global economy I’ve seen in my business lifetime."
August 1st, 2007 – Paulson: "I see the underlying economy as being very healthy,"
October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve – nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions."
December 31, 2007 – Dow Jones @ 13,265
January 31, 2008 – Dow Jones @ 12,650
February 14th, 2008 – Paulson: (the economy) "is fundamentally strong, diverse and resilient."
Let’s jump ahead since my head will explode if I have to read too much of these clowns bullshit. Keep in mind that this was the consensus opinion of mainstream Keynesian economists.
Where did they end up?
August 10th, 2008 – Paulson: “We have no plans to insert money into either of those two institutions.” (Fannie Mae and Freddie Mac)
September 8th, 2008 – Fannie and Freddie nationalized. The taxpayer is on the hook for an estimated 1 – 1.5 trillion dollars. Over 5 trillion is added to the nation’s balance sheet.
September 16th, 2008 – $85 Billion AIG Bailout “Loan”
September 19th, 2008 – $700 Billion Bailout Plan Announced
September 19th, 2008 – Paulson: "We’re talking hundreds of billions of dollars – this needs to be big enough to make a real difference and get at the heart of the problem," he said. "This is the way we stabilize the system."
September 19th, 2008 – Bernanke: "most severe financial crisis" in the post-World War II era. Investment banks are seeing "tremendous runs on their cash," Bernanke said. "Without action, they will fail soon."
September 21st, 2008 – Paulson: "The credit markets are still very fragile right now and frozen", "We need to deal with this and deal with it quickly.", "The financial security of all Americans … depends on our ability to restore our financial institutions to a sound footing."
September 23rd, 2008 – Paulson: "We must [enact a program quickly] in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten American families’ financial well-being, the viability of businesses, both small and large, and the very health of our economy,"
September 23rd, 2008 – Bernanke: "My interest is solely for the strength and recovery of the U.S. economy,"
October 31, 2008 – Dow Jones @ 9,337
March 31, 2009 – Dow Jones @ 7,609
Great Job Guys! Yea let’s listen to folks like these two clowns. Well Hope and Changey exchanged Tim Geitner for Paulson at the Treasury…so now we are being led by a person who not only has the same corrupt philosophy as Paulson but who is also a tax cheat. Yea that is a good idea. And yes both of them share the same statist philosophy.
Now explain to me how anyone believes that Obama is trying to do anything except SINK THIS COUNTRY!