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Thanks Barack… Chief Economist: “We’re On the Verge of a Great, Great Depression”
Gateway Pundit ,Rightnetwork ^ | June 1,2011 | Jim Hoft

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 Obama’s 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 we’ve 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 don’t 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. That’s 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. “We’re on the verge of a great, great depression. The [Federal Reserve] knows it.


TOPICS: Business/Economy; Government
KEYWORDS: bhoeconomy; depression; economy; nobama2012; obama; obamadepression; obamanomics; origer; yastroworiger
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1 posted on 06/01/2011 10:52:25 AM PDT by Hojczyk
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To: Hojczyk
“We’re on the verge of a great, great depression. The [Federal Reserve] knows it.

Of course they do. That's the goal.

2 posted on 06/01/2011 10:56:01 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Hojczyk

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!


3 posted on 06/01/2011 10:58:36 AM PDT by Peter from Rutland (!@)
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To: Hojczyk

Verge? We’re there already...only the libs won’t acknowledge it.


4 posted on 06/01/2011 10:58:36 AM PDT by fatnotlazy
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To: Hojczyk
Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything

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.

5 posted on 06/01/2011 10:59:35 AM PDT by Thane_Banquo (Mitt Romney: He's from Harvard, and he's here to help.)
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To: Hojczyk

Buy ammo.


6 posted on 06/01/2011 11:00:06 AM PDT by Sybeck1 (Releasing the photos is a "GUTSY CALL"............)
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To: Hojczyk
Barak Hussein Obama has the goal of burying America. Obama hates the light. Obama loves Obama.
7 posted on 06/01/2011 11:00:14 AM PDT by Armaggedon
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To: Hojczyk

8 posted on 06/01/2011 11:00:22 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: Peter from Rutland

Considering that the Obama administration is responsible for estimating our GDP statistics, they should probably be taken with a grain of salt.


9 posted on 06/01/2011 11:00:35 AM PDT by Thane_Banquo (Mitt Romney: He's from Harvard, and he's here to help.)
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To: Hojczyk

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.


10 posted on 06/01/2011 11:02:59 AM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: ClearCase_guy

We fortunately have oceans on two sides and a reasonably friendly neighbor to the north!


11 posted on 06/01/2011 11:06:38 AM PDT by Blue Jays (Rock Hard, Ride Free)
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To: Hojczyk
OBAMAPPOTUS
12 posted on 06/01/2011 11:06:54 AM PDT by FrankR (A people that values its privileges above its principles will soon lose both.)
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To: ClearCase_guy

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.


13 posted on 06/01/2011 11:07:31 AM PDT by MinorityRepublican
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To: Hojczyk
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,

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.


14 posted on 06/01/2011 11:09:12 AM PDT by Iron Munro (The purpose of fighting is to win. There is no possible victory in defense. -- John Steinbeck)
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To: Hojczyk

“....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.


15 posted on 06/01/2011 11:09:46 AM PDT by mo ("If you understand, no explanation is needed; if you do not, no explanation is possible")
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To: Hojczyk

FDR redux.


16 posted on 06/01/2011 11:11:33 AM PDT by Paladin2
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To: Iron Munro

As long as the Goldman Sex guys can hang out in the Hamptons, all will be well.


17 posted on 06/01/2011 11:13:57 AM PDT by Paladin2
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To: Peter from Rutland
GDP = private consumption + gross investment + government spending + (exports − imports), or

GDP = C + I + G + (e − i)

Take out the G (government spending of borrowed monies) and that equation is negative.
18 posted on 06/01/2011 11:16:10 AM PDT by voveo
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To: Hojczyk

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.


19 posted on 06/01/2011 11:17:07 AM PDT by alancarp (Liberals are all for shared pain... until they're included in the pain group.)
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To: mo
The Feds have all kinds of assets to sell.

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.

20 posted on 06/01/2011 11:18:27 AM PDT by Paladin2
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To: Peter from Rutland

You really believe the phony GDP numbers the government publishes?


21 posted on 06/01/2011 11:21:36 AM PDT by rokkitapps ( Hearings on healthcare waivers NOW!)
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To: Peter from Rutland
>>Seriously, you haven’t even had one quarter of negative GDP and we’re crying great depression? Ooooookay!<<

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.

22 posted on 06/01/2011 11:21:44 AM PDT by servantboy777
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To: Hojczyk
"chief economist today announced that we are on the verge of a Great, Great Depression."

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. . . .

23 posted on 06/01/2011 11:25:20 AM PDT by DeaconRed (Everything I need to know in life, I learned in Kindergarten. . . .)
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To: rokkitapps

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.


24 posted on 06/01/2011 11:26:13 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: ClearCase_guy

That’s real upbeat!


25 posted on 06/01/2011 11:29:17 AM PDT by databoss
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To: Paladin2
The WPA will not work today.

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.

26 posted on 06/01/2011 11:29:46 AM PDT by blam
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To: ClearCase_guy
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.

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.

27 posted on 06/01/2011 11:30:11 AM PDT by sand88 (Sarah Palin announces her run: August 12, 2011 11:10am ET)
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To: ClearCase_guy; Travis McGee; Jack Black; Chode
"A great, great depression" in this day and age of abject dependency (zero self-sufficiency) and me-first mentality will immediately lead to violence, a collapse of society, and then R2/CW2.

There will be a significantly lower population in the post-war restored republic, perhaps 10%-20% who won't make it.

28 posted on 06/01/2011 11:31:32 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: alancarp
Yours is a great plan. Only one question ... Where are the good guys and girls (congress-critters) in D.C. to implement your plan?
29 posted on 06/01/2011 11:32:51 AM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: blam

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.


30 posted on 06/01/2011 11:34:51 AM PDT by Paladin2
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To: Hojczyk

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.


31 posted on 06/01/2011 11:38:12 AM PDT by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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To: no-to-illegals

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.

And illegals.

But we keep saying ALL of this.


32 posted on 06/01/2011 11:40:15 AM PDT by LibsRJerks
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To: Paladin2
WW2 poster: relative today if Chu and Barry have their way.


33 posted on 06/01/2011 11:41:14 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Hojczyk; BenLurkin
Linked:

Stocks Sink On Jobs Slowdown; CNBC Trader Warns Of ‘Great, Great Depression’

34 posted on 06/01/2011 11:42:02 AM PDT by blam
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To: Thane_Banquo

What do you believe is “neo-Keynesian” economics?


35 posted on 06/01/2011 11:42:38 AM PDT by arrogantsob
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To: Hojczyk
38,000 eh....that's about 26 jobs a day per state....

0baminomics in action.

next up the "great leap forward" "barefoot" doctors, and backyard steel/aluminum smelting

36 posted on 06/01/2011 11:47:58 AM PDT by spokeshave (Obamas approval ratings are so low, Kenyans are accusing him of being born in the USA.)
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To: DonaldC

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%...


37 posted on 06/01/2011 11:47:58 AM PDT by rokkitapps ( Hearings on healthcare waivers NOW!)
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To: Hojczyk

What “Chief Economist” said this?


38 posted on 06/01/2011 11:48:34 AM PDT by Hacklehead (Liberalism is the art of taking what works, breaking it, and then blaming conservatives.)
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To: Blue Jays

Yank, better look South. In Dixie, we’ve had it with this fake republic.


39 posted on 06/01/2011 11:50:02 AM PDT by central_va ( I won't be reconstructed and I do not give a damn.)
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To: rokkitapps

We all know the unemployment numbers are bogus.


40 posted on 06/01/2011 11:50:09 AM PDT by tiki
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To: LibsRJerks
But we keep saying ALL of this.

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)

41 posted on 06/01/2011 11:51:44 AM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: The Great RJ

state of the economy means nothing if you are getting a government check. well as long as hyper inflation stays away.. meh.


42 posted on 06/01/2011 11:52:05 AM PDT by rokkitapps ( Hearings on healthcare waivers NOW!)
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To: Qbert

Does anyone know Zer0’s golf score?


43 posted on 06/01/2011 11:58:04 AM PDT by jonrick46 (2012 can't come soon enough.)
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To: no-to-illegals
Where are the good guys and girls (congress-critters) in D.C. to implement your plan?

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.

44 posted on 06/01/2011 11:58:45 AM PDT by alancarp (Liberals are all for shared pain... until they're included in the pain group.)
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To: alancarp

I have been saying the same thing.. It is past time for some protest and ridicule from the right.


45 posted on 06/01/2011 11:59:57 AM PDT by rokkitapps ( Hearings on healthcare waivers NOW!)
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To: alancarp
Another great plan. Praying someone has Mrs. Palin’s ear, on this forum, to implement your plan.
46 posted on 06/01/2011 12:03:34 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Lurker
Of course they do. That's the goal.


47 posted on 06/01/2011 12:08:44 PM PDT by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: voveo; Peter from Rutland
GDP = C + I + G + (e − i)

Take out the G (government spending of borrowed monies) and that equation is negative.

Bingo!

48 posted on 06/01/2011 12:08:53 PM PDT by SW6906 (6 things you can't have too much of: sex, money, firewood, horsepower, guns and ammunition.)
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To: Hojczyk

If we are in a depression as long as Obama is President MSM will never call it a depression.


49 posted on 06/01/2011 12:12:45 PM PDT by Anti-Bubba182
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To: Hojczyk

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.


50 posted on 06/01/2011 12:13:19 PM PDT by Vaduz
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