Skip to comments.Thanks Barack… Chief Economist: “We’re On the Verge of a Great, Great Depression”
Posted on 06/01/2011 10:52:24 AM PDT by Hojczyk
Obama is the worst jobs president since the Great Depression. More than 40 million Americans are now receiving food stamps, a record.
Thanks to Obamas failed economic policies ony 38,000 private sector jobs were created in May.
chief economist today announced that we are on the verge of a Great, Great Depression. CNBC reported:
Wall Street is having a hard time figuring out what to do now that the U.S. economy appears to be sputtering and yields are so low, Peter Yastrow, market strategist for Yastrow Origer, told CNBC.
What weve got right now is almost near panic going on with money managers and people who are responsible for money, he said. They can not find a yield and you just dont want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.
We need to find real yield and real returns on these assets. You see bad data, you see Treasurys rally, you see all bonds and all fixed-income rally and then the people who are betting against the U.S. economy start getting bearish on stocks. Thats a huge mistake.
Stocks extended losses after the manufacturing fell below expectations in May and the private sector added only 38,000 jobs during the month.
Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything, Yastrow said. Were on the verge of a great, great depression. The [Federal Reserve] knows it.
Of course they do. That's the goal.
Don’t just do something, stand there!
Seriously, you haven’t even had one quarter of negative GDP and we’re crying great depression? Ooooookay!
Verge? We’re there already...only the libs won’t acknowledge it.
Exactly. Bernanke has used the printing presses to keep interest rates low and monetize Barry's orgy of spending. Consequently, the dollar has dropped in value considerably, causing commodities prices to surge. This hurts already-ailing consumers, encourages uncertainty on the part of businesses and entrepreneurs, and decreasing the REAL return on investment.
But Bernanke, along with the rest of the Ruling Class, are neo-Keynesians who wouldn't understand sound economics if it walked up and pissed on their shoes.
Considering that the Obama administration is responsible for estimating our GDP statistics, they should probably be taken with a grain of salt.
So many countries are on the brink. The world is a powder keg and everyone is holding a match. I continue to feel that war will come on a global scale and that deaths will be measured in millions, perhaps hundreds of millions.
We fortunately have oceans on two sides and a reasonably friendly neighbor to the north!
It’ll all work out eventually. The winners will have continued access to oil and water. The losers....well they can starve to death if they haven’t died of thirst already.
Not to worry They will manage to keep the market propped up with the continuing help of politicians, taxpayer money, and free-market sifling trading rules.
That combination has worked well for them for the last 2 1/2 years.
“....38,000 private sector jobs were created in May.”
that’s called collapse of the tax base ladies and gents...and we’re tapped out to the local loansharks.
Federal liquidation...the dissolution of Federal Gov’mt as we know it ...would appear inevitable.
As long as the Goldman Sex guys can hang out in the Hamptons, all will be well.
The Congress needs to seize on this and start forcing Obam,a’s hand on several issues. Specifically:
1. Demand substantial govt spending cuts. Point out (loudly) the abuses we’ve just heard about even today [e.g., federal employees making more than governors]).
2. Demand substantial and immediate expansion of oil exploration. Cancel oil leases issued to other countries and give them out only for the benefit of American oil supply. This includes the Gulf of Mexico, Alaska, and the new technologies being delayed by Obama. He must be called out on it. This would be a huge job creator.
3. Cancel visas for visiting foreign nationals taking American jobs of all kinds. Impose penalties on companies using off-shore contractors as replacement workers: $10/hr per head.
4. Cut capital gains taxes significantly (~25%) to encourage investment in American businesses; providing them with job-creating capital.
5. Phase out over 12-24 months the welfare policies that provide employment disincentives.
Each of these points should be have quantifiable jobs figures to be touted... and I’d expect all to be significant. I believe these to be the fastest ways to jump-start us. If anybody really wants to be President in 2012, start here.
I would also personally argue for serious deportation of illegals taking American jobs, but we’ve already lost that battle for the most part, and the five points above should be winnable in the arena of public discourse... if we have any GOP members with any backbone remaining.
I just watched part of a show on NPR were the gov't is out reclaiming the WPA art work that may have wandered off. They likely have so much that selling half would not be noticeable, except on the revenue side.
Besides they own 1/2 of the West.
You really believe the phony GDP numbers the government publishes?
Oh man, you say it like you believe the data coming from Uncle Sugar or something.
It's an election year, the MSM loves O-bozo, you don't think they'd report stories to hurt their leader do you?
The federal reserve has pumped billions upon billions into the markets, monetized it's own debt to keep the can tinking down the road.
All the signs are (were) there of yet another downturn in the economy.
All of us Freepers knew this in 2008.
It was true then and ZERO has only made it worse, while the MSM whistles past the graveyard. . . .
I am inclined to believe the gdp numbers. 80% of folks are still working and sales are still happening, albeit folks are paying more attention to costs and such. This is simply the fruits of globalization.
That’s real upbeat!
The work ethic today is completely opposite what it was during the Great Depression. It was vital to most of the WPA workers then to be sure that they earned what was 'paid' so that they could maintain their dignity and earn 'honest' money.
Today, the 'morals' dictate that you get all that you can with the minimum of effort...stealing is even acceptable. Honest effort and achievement is laughed at...you're a sucker.
I am certain that the Marxist and his evil cohorts would want nothing more than a World War, starting say, May 2012.. They most likely believe the sheeple will then be afraid to change leaders in such a time of turmoil.
One thing is certain, the 2012 election will be like no other in history -- the Marxist is determined to remain as pResident, so as to complete the destruction of the United States.
There will be a significantly lower population in the post-war restored republic, perhaps 10%-20% who won't make it.
I’ve always liked much of the WPA art. It’s plenty valuable and needs to be largely sold off so the gov’t can realize its return on “investment” of the 30’s.
Given the state of the economy why would anyone want to give Obama a second term? However, the Republicans may succeed again in nominating a McCane/Bob Dole type candidate to please RINOs and “moderates” and give us another four years on the road to economic perdition.
Cancel visas for visiting foreign nationals taking American jobs of all kinds.
Yes, and also stop providing free health care to them and all who they bring with them into the U.S. It’s getting pretty old taking care of their 80 year old Indian and Asian relatives who have never paid a dime into the system. I think if we did, we’d see Medicaid cut by 2/3.
But we keep saying ALL of this.
What do you believe is “neo-Keynesian” economics?
0baminomics in action.
next up the "great leap forward" "barefoot" doctors, and backyard steel/aluminum smelting
funny how they always get revised lower... not saying they are complete lies... just saying 1.5% growth can become 3.2% then it gets revised down to 2.5%...
What “Chief Economist” said this?
Yank, better look South. In Dixie, we’ve had it with this fake republic.
We all know the unemployment numbers are bogus.
Agreed. The tyranny of this government and media should be stopped to preserve the Republic, as all here know. This is more than mind boggling as to why this tyranny continues by the people in D.C. What is taking place in the economy should be enough, by now, to show these congress-critters the plan is not working, unless the plan is to create more tyranny, as many citizens now suspect. (Rant off)
state of the economy means nothing if you are getting a government check. well as long as hyper inflation stays away.. meh.
Does anyone know Zer0’s golf score?
It's (past) time for the Tea Partiers to start rabble-rousing. Long, loud, and with boisterous rallies declaring that Obama has done nothing but destroy the economy. It would be nice to see Sarah Palin get out in front of something like this, but a multi-city effort would be the only way to gain any traction.
I have been saying the same thing.. It is past time for some protest and ridicule from the right.
Take out the G (government spending of borrowed monies) and that equation is negative.
If we are in a depression as long as Obama is President MSM will never call it a depression.
Obama&Co. great, great depression.Just think of the damage they can do if he gets elected in round two.
China,Russia and Soros grins.