The Great Recession of 2011-2012

The American Spectator ^ | FEBRUARY 21, 2010 | James Srodes

[RobinMasters]

Are you ready for the Great Recession of 2011–2012? You should be, for it is getting under way even as you read this. Just as the 2009 “greatest economic crisis since the Great Depression” actually began back in 2007, so we are in the early days of the next cycle.

Only this recession is going to be a doozy. And the aftershocks will be felt long after President Hillary Clinton leaves the White House in 2024.

The coming crisis should be no surprise, for we all have had plenty of advance warning. If it is a surprise, blame those chat-show economists who have become so politicized that they ignore the truths of their own science in order to acquire celebrity. Nor should we forget those politicians who deliberately suborn national interest for the security of zero-sum pork-barrel politicking.

Combine it all with a news media largely made up of self-referential ignoramuses and it is small wonder that most of the world has been diverted as Dorothy was in Oz by the lightning bolts, explosions, and billowing smoke screen being generated by the men behind the curtain.

The truth is our wizards dare not admit that the levers they pull are not really connected to the true crisis that confronts America or its place in the global market.

[RobinMasters]

Ping

[Buckeye McFrog]

gee, he should tell us how he REALLY feels....

[Touch Not the Cat]

.
Of the 47.4 million home mortgages in place today, nearly 10.7 million are “underwater,” that is, the money owed on the loan is greater than the value of the house.

So what? Negative equity is not the cause of foreclosures.

What matters is whether these folks can make their payments. Lots of people pay rent every month and have no equity in their apartments. Equity or not, most homeowners will still want to live in their homes.

[mad puppy]

That was depressing.

[WackySam]

And the aftershocks will be felt long after President Hillary Clinton leaves the White House in 2024.

Never happen, she'll be a Supreme Court justice in the not too distant future.

[AngelesCrestHighway]

President Hillary Clinton?.....If Americans are that stupid to elect Clinton after this disaster then they get what they deserve!

[TalBlack]

Sometimes I think that God said: In the beginning I will create Man. I will then create Good and Evil. I will Invent Time and put My Creations in it. And all will go swimmingly. Good will have some small infinitesimally tiny chance in the great swirling fog of Evil and My Word will, as a Light, show Man the way........... Then I will Invent the camera.....

[spodefly]

Pretty bleak. But probably not wrong. And unfortunately, there aren’t even the beginnings of a dialogue in DC or elsewhere in the ‘mainstream’ that will prepare us as a country for what we face if all this is true.

Sounds like we need a good war to get things back on track.

[null and void]

Sounds like we need a good war to get things back on track.

Ah, yes. The traditional democrat solution to economic problems at home.

Count on it.

[east1234]

I’m not sure we can afford a good war. That said the article seems a little to negative to me. We need to get rid of the clowns in DC, drill for oil, dig coal, cut taxes eliminating the long term capital gains tax, and let the great American economic engine take off. Just eliminating long term cap gains will free up trillions in capitol.

[john in springfield]

Damn depressing.

[neverdem]

BTTT

[Eyes Unclouded]

“President Hillary Clinton leaves the White House in 2024.

...

Combine it all with a news media largely made up of self-referential ignoramuses “

This guy needs to look in the mirror.