Bernanke speaking before a congressional committee ( CNN article ) said he wasn't yet prepared to declare that the economy has fallen into a recession. But later stated "It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly," Now if that, coupled with a total melt down in the mortgage/housing market, sky rocketing fuel prices, and his acknowledgement that he expects further rises in unemployment, I have no better definition of what a recession is.
We have the president continuing with his head in the sand mantra that the economy is strong, and the Fed bailing out or capitulating to Wall Street in providing cheap loans, while the US dollar continues to plummet, homeowners bear the brunt of the mortgage crisis, middle class Americans are pummeled with increasing unemployment, and higher and higher fuel costs.
If there was ever a point in time where Americans can look at the statements of our elected and appointed officials, and wonder what planet they live on, now is that time.
Wednesday, April 2, 2008
Bernanke finally admits that there is a recession risk?
Subscribe to:
Post Comments (Atom)
2 comments:
It is weird that I am a middle class American that is not affected by this so called rescission. The reason why people get affected is their poor choice finical decisions they have made. People need to learn to have reserves and stop buying shit they do not need. I am assuming that you are another liberal nutter that wants to blame G Bush for everyones misfortunes.
Actually, I have fairly conservative fiscal views. And I don't remember mentioning Bush anywhere in the post.
Post a Comment