Posted on 10/19/2011 12:57:25 PM PDT by kronos77
Chosen to serve power, not popular interests, Obama wrecked America's economy to save giant Wall Street banks. He's still doing it, despite claiming he's been out in front doing all he can. By bailing out too-big-to-fail banks and waging multiple imperial wars, he intensified social misery.
As a result, Main Street is mired in protracted Depression. Economist David Rosenberg believes we're in the "third inning" of hard times malaise. Four occurred in the 19th century. Until now, the 1930s Great Depression was America's last severe downturn, lasting a decade, punctuated by failed bounces.
America's Greatest Depression began in late 2007. Rosenberg calls is a "modern-day" one similar to what Japan experienced for over two decades. It's still ongoing, boding ill for US workers if America replicates Japan's experience. Depressions occur "once it becomes painfully obvious" that conditions don't improve despite "repeated bouts of policy stimulus."
Most of America's went for banker bailouts, tax cuts for corporate favorites and super-rich elites, as well as quantitative easing money creation for speculation, not economic growth. In contrast to recessions lasting six to 18 months, depressions last years.
From 2002 - 2007, America's economy was massively manipulated and levered. As a result, financial activities comprised 40% of profits. At the same time, household debt to income and assets "surged to unprecedented levels and the personal savings rate" was negative when the housing bubble peaked.
(Excerpt) Read more at english.pravda.ru ...
I’m not sure what to make of this, in its redacted form.
Yeah, after the Democrats took Congress. My depression started when it was apparent that Obama won the presidency.
America's Greatest Depression?? Please. Russia's economy has been a continuous depression. The writer, Stephen Lendman may well be educated beyond his intelligence.
Uh, it’s Pravda man, and you’ll note the author of the article writes for something called Progressive Radio Network.
Not exactly unbiased.
How Sad that Pravda is telling the truth while our mainstream media has turned into a propaganda outlet.
Strange.... America’s MSM (enemies within), makes Pravda look almost holy and certainly more competent.
ahh, Pravda, where have ye been all these years? How I used to enjoy being entertained by your jovial disinformation on cold winter nights spent in the University Library lo these many years ago.
This particular article might not be representative but “Pravda” has published a great deal of conservative stuff in recent years. It is not a communist party organ anymore.
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