Americans Still Suffering 5 Years After Lehman Bros Failure (Not What Obama Said)

Confounded Interest ^ | 09/16/2013 | Anthony B. Sanders

[whitedog57]

President Obama gave a speech touting how far the US has come since the jarring Lehman Brothers collapse five years ago.

“The U.S. has come a long way since September 2008,” according to President Obama.

Well, not in terms of household income since REAL median household income continues to decline.

household-income-monthly-median-growth-since-2000 (1)

And the less than 1% of the population continues to suffer. [Note how the top 1% fared under President Clinton!]

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Mortgage purchase applications have tanked along with the employment-to-population ratio.

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And the labor force participation rate continues to fall along with M2 Money Velocity.

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We now have a part-time jobs recovery and the enactment of healthcare “reform” that encourages people to work less and go on the government dole.

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True, house prices have come roaring back …

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and the stock market is off on a tear. Particularly with the enormous boost from The Fed.

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Yes, wealthy Americans have done quite well, but the rank-and-file Americans have lost ground.

President Obama blamed the mandated federal spending cuts known as the sequester for holding back job creation and economic growth, and argued in favor of targeted budget cuts as opposed to across-the-board cuts.

You mean, BAD government housing policy (like assigning affordable housing goals to Fannie Mae and Freddie Mac) that helped created a bubble and a devastating crash that lingers to today has nothing to do with it? Well, I learn something new every day.

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[whitedog57]

Government creates massive problems then blames others. Classic!

[Eric in the Ozarks]

Barry’s speech this morning wins the “Preposterous Award of 2013.”

From this narcissist, that’s saying something.

[Buckeye McFrog]

It could all happen again tomorrow because the cretins running these banks are 100% confident they can always frighten Congress into handing them another bailout.

[Diogenesis]

FLASHBACK: from 9/15/08:

“U.S. President George W. Bush said Monday he is confident
that the markets are resilient and can deal with the latest financial blows.
“We are working to reduce disruptions and minimize the impact
these financial market developments on the broader economy.” ...

U.S. Democratic presidential candidate Barack Obama
said eight years of Bush “brought us the most serious financial crisis
since the Great Depression.”

His Republican rival said John McCain said he was happy the
federal government decided not to use taxpayer dollars to bail out Lehman Brothers.”

How did Obama know THEN
that we would experience the ‘most serious financial crisis since the Great Depression’
when those who did not plan the takeover would not know for three more months?

[Jeff Chandler]

Because of low interest rates the wealthy are able to leverage their stock purchases. That is the reason stocks are doing well. It is the Bernanke Bubble. When the effects of QE run out and interest rates rise, it will all come tumbling down.