Indeed - they weren't too helpful in the 1970s, either.
Posted on 06/07/2010 2:55:27 PM PDT by blam
Now We Know This Is A Phantom Recovery
Peter Schiff
Jun. 7, 2010, 4:37 PM
As I have said before, we can't simultaneously grow the economy and grow government. The latest jobs report shows that we are just growing government. If that trend doesn't soon reverse, investors will start betting on the collapse of the dollarzone.
In recent months, GDP numbers have rebounded - primarily as a result of record low interest rates reliquifying the credit market and government stimulus jolting consumer spending. Although the "positive growth" has delighted Obama's economic brain trust, it has done little to boost the fortunes of Main Street. As I have said many times, GDP largely measures spending, and spending is not growth.
Last Friday we received the latest indication that the real economy is not recovering in the slightest. The Labor Department reported that non-farm payrolls increased by 431,000 jobs in May. In a press statement, the President himself crowed at the news, noting that the official employment rate fell to 9.7% from 9.9%. However, just inches below the headline, red flags were everywhere. Only 41,000 of those jobs were generated in the private sector - far below the median forecast of 180,000. Even more troubling was the fact that the Census Bureau alone accounted for 411,000 new jobs, which were almost exclusively temporary positions.
Rather than a recovery, the jobs data seems to indicate that we are still mired in the first economic depression since the 1930s. Back in 1931, two full years after the Crash of 1929, there were still very few people who thought that the recession then underway would one day be called the Great Depression. (See my commentary from March 1st "Don't Bet on a Recovery)
[snip]
(Excerpt) Read more at businessinsider.com ...
BUMP
liberal polices turned a normal recession into the great depression and liberal polices will do the same thing again this time.
Ebonomics
RB, do you want to lay out what you object to in Schiff’s economic commentary?
scroll back, Schiff invests solely outside of America with America’s economic competitors ONLY
that puts Americans out of work.
oh, sorry, wrong thread! LOL!
check out the thread on CT investigation election fraud against Schiff
I didnt watch this yet, but it does not matter, Schiff is not alone in what he has been saying, he was just lucky to have media record his so-called prediction last year or 2 years ago, that’s all
people have been screaming for years the sky is falling, why is it so important to name one of them as the only one??
Heck, McCain and Bush all predicted the economic collapse of Fannie Mae, too, years ahead of Schiff
Schiff did not create the environment where the comparative advantage for USA based capital can find better total returns investing in foreign economies.
Schiff does not have a claim of entitlement to advise and invest his clients’ capital, he is but a conduit of the capital seeking the optimal income return based on the clients’ investment decisions.
If Schiff did not exist as a capital investment advisor, the capital he has under management now would still be investing outside the United States.
Schiff has been consistently promoting macroeconomic policy changes that would promote a return to competitiveness for domestic capital investment, and amongst the primary candidates, is the only one with a knowledgeable and coherent economic policy position. The others do not even understand the fundamentals of what they are stumping about on the campaign trail, let alone being able to wrestle with the larger complexities in altering US labor, economic and taxation policies and associated lobbies to promote US domestic growth.
As a final note, this is all a friendly convo, we’ve been here many years and I’ll explicitly say I respect the advocacy you’ve put your heart into over the years,
and even as I agree with you about Kokesh, Schiff himself has been a good advocate inside the scope of the Ct. Rep primary, as he appeals to the monied classes that fill the voting booths in Ct. Rep primaries...
but that was all he appealed to when he wa honest
every other issue, he is no different than the democrats and rinos he spoke so ill of
it shocked me that when the others in the tea party leadership were all told this, they didnt care!
It was time for me to go at that point. I was a start of something that could have been wonderful but turned so sour in the end.
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