The article only briefly references that this was “bubble wealth.”
IOW, money we thought we had but we really didn’t.
http://www.youtube.com/watch?v=xOAgT8L_BqQ&feature=player_embedded
remember folks,it’s all YOUR fault, the porkulus money was never meant to help the economy!
In short,America/Americans have been punked!
America/Americans don’t get that!
Call it indifference, ignorance, innocence, denial, stupidity, etc, etc.
That’s the name of that tune!
Yeah, but at least we’re going to help Greece out.
Yeah, but at least we’re going to help Greece out.
Let’s remember this all was caused by Keynesian economics. Keynesians believe that HOUSING drives economic growth and rig policy towards housing.
The Fed killed a great economy after 2006 because they raised interest rates (aimed at housing) from 1% to 5.25% between 2004 and 2006. Bernanke’s stated purpose was the KEYNESIAN claim that we were at “full employment” and he feared letting wages rise because of a “labor shortage”—which might cause PRICES to rise in a good economy—which he called “inflation”.
So the Fed caused this economy to crash and burn for fear of rising prices because of rising wages, BUT
what about now? Why did the Fed let food and gas prices rise into a BAD economy and falling incomes? I’ll tell you why!
Because “core inflation” doesn’t include what people actually buy and can’t put off buying. “Core” inflation does NOT include food or gas prices—therefore the FED claims that there’s NO INFLATION....so people get no cost of living increase!
But the Fed counts HOME PRICES as 40% of “core inflation” and these wackos are convinced—because they are Keynesian wackos—that HOUSING drives GDP growth, hence the claims that the conomy won’t recover until housing recovers—which is a KEYNESIAN LIE.
These people are killing the economy with their voodoo economic belief that housing is all important—so they aren’t worrying about food and gas prices at all—and ALL they are worried about is their CRAZY belief that more inflation will get home prices to rise and spur home buying....they believe that as long as home prices fall, then people will put off buying homes and the economy can’t recover until home prices rise—then people will start buying them again when they rise and the economy will then recover FOLLOWING the housing market.
Of course this is CRAZY, but that’s what the Keynesian Democrats inside and outside the Fed believe! They care about what people can’t afford and already have and won’t buy and don’t care at all about the markets of what people can and do buy every day! It’s Keynesian economics keeping us in recession...plain and simple——just like Japan.
So that's the name? The Great Recession, validated with capital letters? Only a Democrat would think a recession or depresssion is great. ;-)
Also take into account inflation for any dollar-denominated assets.