Are we in for another Great Depression?
..like the sever one the whole world experienced before WW2. Nominally starting with the stock market crash of October 29, 1929 (known as Black Tuesday), the depression originated in the U.S.. From there, it quickly spread to almost every country in the world.
Despite the $1 trillion stimulus bill, unemployment consistently remained at 9.5 percent and above. Hundreds of thousands of additional potential workers have just given up looking for a job. Some analysts say the real unemployment rate is above 15 percent. The chair of President Barack Obama’s White House Council of Economic Advisors quit last week, the day before the elitist know-nothings in charge declared their “surprise” that 130,000 more jobs were lost in July.
http://finance.yahoo.com/news/Fed-worried-about-recovery-apf-2353655020.html?x=0
Christina Romer, current Chair of the Council of Economic Advisers in the Obama administration, said she was headed back to Berkley and her spot in academia where she can pour failed Keynesian economics into the noggins of another generation of empty-headed college kids so they can move on to highly-paid government jobs where they can manage (ie., wreck) our economy at some future date.
Romer is the clueless neo-Keynesian who drafted the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House touted in its efforts to pass the $1 trillion stimulus bill. It was upon Romer’s report that the fascists trashing our economy based their predictions that if Congress passed the stimulus bill unemployment wouldn’t rise above 8 percent and would be dropping by now to around 7 percent.
Seeing no end to friends deserving to be paid off, House Speaker Nancy Pelosi (D-Calif.) called House members back from their August recess vacations on Tuesday to print more money and hand it over to the teachers, police and firefighters unions in the guise of a $26 billion state aid bill.
Meanwhile, Obama was out doing the one thing he does well, trashing his predecessor and his “disastrous policies.” He conveniently leaves out the fact that he voted for many of former President George W. Bush’s disastrous policies and has since ramped them up to infinity.