Fed and Congress bailing out the wealthy?
[quote]To bail out the banks' poor bets on Dot-Com companies and Latin America in 2001-2002, Greenspan purposely ignited a credit bubble that led to the mother of all housing crashes.
In response to the housing bust, the Fed refused to let failed banks go out of business and is attempting to force another credit bubble. However, banks aren't lending (except in China where a suggestion to lend is not taken lightly)
All the Fed (central bankers in general) and Congress have done is create yet another asset bubble bailing out the wealthy. Meanwhile consumer debt still acts as a drag, unemployment is high and rising because sloshing money around at banks cannot possibly create any jobs (and it hasn't) and the pool of real savings that it does take to create jobs has been exhausted. Meanwhile taxes are soaring which puts still more pressure on job losses, foreclosures and defaults.
Bernanke, Obama, Congress, the Fed, and Central Bankers worldwide have all failed to learn anything from:
1) The Great Depression.
2) Two Lost Decades In Japan.
3) The Dot-Com Bubble.
4) The Housing Bubble.
Instead they follow unwise and disproved Keynesian and Monetarist tactics that have failed to accomplish anything but create bigger bubbles. However, this is the end of the line. Housing was the bubble of last resort, nothing can come close to the number of jobs created by the global housing bubble.
Further attempts to reflate will do nothing but create a currency crisis, crash the economy, and add to future liabilities that cannot be paid back. A global economic crisis is coming. When and how it manifests itself is all that remains to be seen.
Mike "Mish" Shedlock [/quote]I'm very concerned that Mish is right on the mark here.
Obama should have stuck to community organizing, because he doesn’t know diddley about economics. Obama and company haven’t got a clue where to go from here.
Obama and his ilk are finding out the hard way that government doesn’t have an endless supply of money.
They can point the finger at Bush and make excuses all they want, but the American people want results not excuses, and the bottom line is 10.2% of the work force doesn’t have any “change” left.
Fox admits its phony footage!
[QUOTE=Esten]Jon Stewart spotted something "unusual" in FOX reporting on last week's health care protests in DC. First in the FOX piece there is video of a crowd gathered on a clear blue day and the trees are showing their fall colors. Then later you see a much larger crowd but it's cloudy and the trees are green. The second clip turns out to be from a different gathering on Saturday Sept.12, but they showed it as being from the health care protests on Thursday Nov.5. And during the video the FOX commentators are marvelling at the size of the crowd, stating the estimates were between 20000-45000 people when the Washington Post put it at 10000.
Npr. Org / blogs / thetwo-way /2009/11/ jon_stewart_catches_sean_hanni. Html[/QUOTE]Sean Hannity says the bogus tape use was an "inadvertent mistake." Yea, like I inadvertently forgot to pull out before I came in her mouth!
Boston Globe says Jobs report "Wildly Exaggerated"
[Quote]Stimulus job boost in state exaggerated, review finds.
Errors, incomplete data, estimated positions go into federal report.
While Massachusetts recipients of federal stimulus money collectively report 12,374 jobs saved or created, a Globe review shows that number is [b]wildly exaggerated[/b]. Organizations that received stimulus money miscounted jobs, filed erroneous figures, or claimed jobs for work that has not yet started. [/QUOTE]The jobs report is just another example of how the "Radicalized Left" operates.
I am however surprised the Globe reported it.
You can read the full article at the link below.
[url]http://www.boston.com/business/articles/2009/11/11/stimulus_fund_job_benefits_exaggerated_review_finds/[/url]
