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“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the Brookings Institution. “It’s still going to feel like a very weak economy for some time because many people will still find that their job security and their employment status is not what they wish it was.”
Originally posted by redhatty
No You are seeing things clearly, but the talking heads on TV are the ones lying to you.
General Electric (GE) owns CNBC & MSNBC as well as the rest of the NBC affiliates. Source
The TV talking heads are paid to shill as they are scripted.
Bernanke is so stuck on his thesis of "Deflation, it won't happen here" that he will never openly admit that his pogrom is failing.
Our economy is in the crapper. That's reality. While many in the .gov & the FED & the banksters keep trying to play simultaneous games of kick the can & hide the toxic sausage, the average joe is trying to figure out how to survive and keep food on the table as more and more jobs vanish.
This will not end well.
Originally posted by HangingWithMrCrowley
Well i am not an expert either but that wont stop me from adding my 2 cents. A large part of the economy boils down to individual perception. So it is important to give people a feeling that things are getting better with the hopes that it will get them to start buying things, which will then stimulate the economy. I think things are desperate enough that the government will try to convince you things are getting better at the slightest signs of improvement or even the slightest signs of less decay.
I see the need to do this and dont really faultt them for it. Also, it seems that things improve and then decline in this economy, so its like shooting at a moving target.
Originally posted by townio
I will try to give you the most concise answer I can:
The economy is a psychological concept. That's why they call it a depression. Money does not exist except in your mind (and the mind of everybody of course). If they tell you the economy is bad then you get scared and stop buying. Factories stop to produce because nobody buys. Then people lose jobs because factories can't pay them. It's a vicious circle with no end.
To have a good economy you need happy people, and right now Americans are not happy.
Originally posted by townio
It's a bit more complex than that but that's the basic mechanism.
I think things will be fine over the next year because economy is tied to geopolitics and nobody wants to get the US mad. However, there will come a time for reassessment of global capital investment and when that day comes you can expect a big blow to the US economy. Investors will be looking at BRICs for money rather than the US, and the days of easy credit will be over.
I think 2012 will be a critical date, partly because I'm a Maya prophecy fanatic , but it will also be the end of Barack "The Pushover" Obama's mandate and the US might be on its knees by then.
Originally posted by redhatty
reply to post by tk1967
Should we allow them to lie? Well, here's the rub...
Every single one of our TV channels is viewable all over the world these days. Do we want the rest of the world to hear how bad it really is?
All the pump-monkey garbage on the tellie has kept foreign countries buying our debt for a lot longer than the truth would have.
We are in an unsustainable situation. The amount of debt is too large to be seviced, yet they keep creating more.
People have lost the wealth they thought they had, in their homes & credit cards.
no jobs = no tax income for the .gov
no job = less gas use = less gas tax revenue for the .gov
So now the .gov is forced to pull forward even more to finance today. It's borrowing from 10 yrs in the future to pay today's bills.
This is not sustainable.
As to what happens next, I have my personal thoughts, but let me sum it up in saying, "Why is it so hot in here & what am I doing in this handbasket?"
Originally posted by detachedindividual
reply to post by tk1967
All you have to consider is that none of these people saw this coming.
For all of their experience, education and networking, none of them predicted that this was going to happen.
This means one of three things:
1. they cannot be trusted and make decisions based on personal interests rather than public.
2. they are incapable, irresponsible, unqualified, not up to the job.
3. all of the above.
Personally, I think it's option 3 we're looking at here.
Originally posted by nixie_nox
The recession coming to an end is different then the economy is over. Signs that the economy is improving does not mean everything is hunky dory.
...
One of the big signs they are reporting recently is in increase of manufacturing.
...
A lot of things have been increasing in the stockmarket since april 09. John Deere, catepillar, etc.
If you really want an indicator that the economy has turned around, and I don't expect this till next year, watch jewelry sales.