Invest Intelligence When It Realy Matters
Economists Need to Sit Down and Shut Up
I’m really sick and tired of these economists out there who continue to claim that America will not enter a depression. These are the same bozos that have yet to acknowledge the fact that the U.S. is in a recession and has been for several months now.
In fact, as I have previously mentioned, I can make a very strong case that the U.S. has been in the early stages of a silent, modest depression for at least two years; at the very least a protracted recession masked by credit. After the appropriate adjustments have been made for GDP, the U.S. economy has had no more than 3 to 4 quarters of GDP growth since 2005.
Thus far, we have seen drastic emergency interventions by the Federal Reserve and U.S. Treasury – measures not taken since the Great Depression. Thus far, we have seen the failure of the sixth largest U.S. bank – Washington Mutual, representing the largest bank failure in U.S. history.