Don't listen to the distraction, watch what's he's doing

Nothing up his sleeve

The Grand and Glorious Imperious Leader has been saying that the economy is turning around, largely on the strength of a stock bounce and a slowing in the growth of the unemployment rate.

But somehow he forgets to mention that weren't for the increase of government (and taxpayer funded) jobs, the unemployment rate would be much, much higher. That trend has been there for a decade, but with now with other sectors losing employees, it really shows.

Think about that for just a bit.

The stock market is even worse.

According to official government statistics, the current recession began in December of 2007. Two months earlier, in October of that year, the Dow Jones Industrial Average and S&P 500 both hit all-time record highs. Exactly what foresight did this run-up provide? Obviously markets were completely blind-sided by the biggest recession since the Great Depression. In fact, the main reason why the markets sold off so violently in 2008, after the severity of the recession became impossible to ignore, was that it had so completely misread the economy in the preceding years.

Furthermore, throughout most of 2008, even as the economy was contracting, academic economists and stock market strategists were still confident that a recession would be avoided. If they could not even forecast a recession that had already started, how can they possibly predict when it will end? In contrast, on a Fox News appearance on December 31, 2007, I endured the gibes of optimistic co-panelists when I clearly proclaimed that a recession was underway.

Rising U.S. stock prices – particularly following a 50% decline – mean nothing regarding the health of the U.S. economy or the prospects for a recovery. In fact, relative to the meteoric rise of foreign stock markets over the past six months, U.S. stocks are standing still. If anything, it is the strength in overseas markets that is dragging U.S. stocks along for the ride.

Don't pay attention to government claims, especially with this President.

More than fifty banks have gone under since the beginning of the year.

The dollar is sinking fast. We may see hyperinflation starting next year sometime. You will see prices rise dramatically, especially for food.

We've added more than 161 billion dollars to the national debt in July alone.

And our Imperious Leader claims that the solution to all our ills is more government involvement with less dissent.

— NeoWayland

Posted: Mon - August 10, 2009 at 12:04 PM  Tag

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