...I Beg To Differ
Fed Head, Ben Bernake, believes the U.S. recession/depression is over. I disagree. The word "recession" is defined as, "Going back or receding - a temporary falling off of business activity during a period when such activity has been generally increasing."
Where is the increase? How can the nation be out of the "recession" when there is a massive fall off in the number of employed people. That depletion is defined as recessing, as in the word "recession."
Even more painfully, the continued downward spiral in the sheer number of foreclosures that continue to pummel many innocent homeowners, who were victims of a banking system that sorely took advantage of them, for undue financial gain. Once again, t
How can the nation be out of the "recession" - yet continue to shed jobs and homes at an unprecedented rate. Economically speaking, that is abnormal behavior.
Market factors and several other indicators reveal, the nation is still in the thick of it, with more trouble to come, due to inaction on crucial issues effecting the economy.
The Cash for Clunkers program gave the economy a costly, artificial, short term boost that is already spent and over.
Real growth is much deeper and more profound than a one time, expensive project, which ironically ended up benefiting foreign carmakers, more than domestic entities.
The financial data for the nation is not pleasant, but it must be addressed, lest it create worst problems for the economy in the long run.
The massive overspending and overly ambitious initiatives, bearing costly price tags, shall not help matters either, as recoupment for those funds must come from somewhere.
The government is falling into a pattern of making premature and unsubstantiated announcements of the "recession" weakening or ending, to create spending booms on the stock market that fizzle shortly after. This is not a financially health cycle and weakening the word of the Treasury.
As it stands, the government has failed to correct many of the financial difficulties that were left behind via the juggernaut of problems and issues, former President Bush, created out of sheer ignorance and lack of fore-planning.
I can understand wanting to be optimistic, but unethically wishing a problem away, pronouncing it gone, when it is still present, is not financially sound or helpful to the nation. The problems still need to be fixed.
It is the equivalent of one's mechanic stating they have fixed your automobile, but when you turn it on, it still will not start.
Bernanke: Recession 'Likely Over'
SEPTEMBER 16, 2009 - Fed Chief Doesn't Expect Many New Jobs to Appear Soon; Retail Sales Climb 2.7%
Federal Reserve Chairman Ben Bernanke said Tuesday that the recession was "very likely over," as consumers showed some of the first tangible signs of spending again.
Mr. Bernanke, who had become cautiously more upbeat in recent weeks amid signs of third-quarter growth, said for the first time that forecasters agree "at this point that we are in a recovery."...
