Those who know me know that I am not predicting any sort of recovery. But some very smart folks are seeing signs of it. Bookworm is one of those.
Bookworm Room » The uneven economic recovery
I am afraid that I completely disagree with the idea that we are closer to the end than merely at the end of the beginning of what will turn out to be a hyperinflationary depression. We are just now approaching the end of the beginning. Our slide into the abyss continues apace. That Bookworm see’s some signs of a recovery is merely bottom bouncing and the fact that indeed some parts of the country have not collapsed just yet. Pray that they don’t since I live in one area that has not…but I fear that reality will not be denied.
This was a response I sent to a friends post to a listserv we belong to. I have revised it a bit since sending it to the listserv.
Exactly all this talk of Green Shoots is smoke and mirrors by politicians who are doing their best to rob us blind.
Banks of all sizes are carrying loans on their books for items whose worth is less than the loan amount, sometimes MUCH less.
Commercial real estate mortgages are in a terrible state with huge defaults on the way.
Residential real estate is bottom bouncing with mortgages nearing a second round of huge defaults
Credit card delinquencies and late charges are skyrocketing
Unemployment is rising and the numbers being quoted are dishonest especially when they are compared against previous slowdowns.
Our Banking industry is failing at record levels we have 94 failures THIS YEAR!
Our large financial institutions are engaged in vast schemes designed to leave the last one standing holding a very large bag of nothing. The plan is to have the US Taxpayer as that last man and our feckless politicians have enabled this generational theft.
Ponzi schemes thy name is the US Government.
Our manufacturing was moved off shore so our means of producing wealth have been stolen by crooks and thieves abetted by a public that didn’t want smelly factories and refineries in their backyards. Now they will get to have weeds…lets see how tasty weeds can become.
Our government is taking more and more of what little we are able to produce.
Our government is finding creative ways of setting one against the other in a desperate attempt to keep power.
Every aspect of Government has turned from serving the people to finding ways of perpetuating itself, even at the expense of our very lives.
The only way a recovery can result from the cures we have given ourselves is if Zimbabwe is a good example of prudent governance.
Larry Kudlow is as much of a problem as Larry Summers…and Bernanke. What needs to happen is what will NOT happen under ANY circumstance save for a total collapse of the US Government. The politicians are simply too drunk with power and stupidity to stop doing what is bad and start doing what is good.
Stop spending money, start saving money, start giving us HUGE tax breaks starting with eliminating corporate tax, kill most of government, start rationally lowering barriers to production, revamp our enviromental laws, revamp our labor laws to reflect the fact that factory owners are NOT the enemy, address the social security time bomb, etc. None of this will happen, matter of fact we will move in the opposite direction.
There I have had my cheery thought for the day.
Pierre
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