This is a global deleveraging; a long-wave contraction that is happening all across the developed world. The hardest part is yet to come.
The greatest lie being perpetrated on the American public right now is that we were in a Recession. We were not in a recession. We are already year 4 into a decade long depressionary period. Americans have lost $7 Trillion in wealth just on the value of their homes alone. That doesn't include all the wealth that evaporated based on derivatives built on the housing market.
Obama is telling the truth that it's the worst economy since the Great Depression. It's probably the only time he has told the truth.
That being said, his Administration (and yes, Bush before him) took the absolute wrong path by continuing to recapitalize failed institutions instead of allowing them to collapse.
Like watching your house burn to the ground in slow motion, honestly. Better to speed up the film and rebuild, then to prolong the agony.
If anyone is waiting for a magical recovery once a Republican gets in, good luck. Once the EU falls apart, contagion will spread. It's only a matter of time before the truth of our economic decline becomes evident to all, no matter how many rounds of QE they toss at the American people.
Sadly you are right, the script was written in the early 1900’s when Americans failed to throw the bums out for unconstitutionally acting as if the 16th amendment was ratified when it never was.
.
Yup. The longer this plays out the worse it is going to be through both the duration and the big bang.