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.