We Have Seen Three and a Half Years Of Economic Recovery Predictions from the Government That Have Failed (06/28/12)
Washington economic experts have been proclaiming that economic recovery is right around the corner since before they were sure the patient was sick.
For those of us who have been saying all along that none of the economic interventions since 2007 would revive the economy—not the rescue of Bear Stearns and other financial institutions; not the Troubled Asset Relief Program; not the American Recovery and Reinvestment Act; not Quantitative Easings I, II, and III; not the Patient Protection and Affordable Care Act; not Cash for Clunkers or Solyndra or the bailouts of Chrysler and General Motors—the cavalcade of wrongheaded, fantastical economic analysis coming out of official Washington and its media in recent years would be hilarious if it were not so infuriating.
The granddaddy of these economic inanities is Federal Reserve Bank chairman Ben Bernanke's March 2009 declaration that he could see economic "green shoots":
"I think as those green shoots begin to appear in different markets and as some confidence begins to come back, that will begin the positive dynamic that brings our economy back."
With the benefit of hindsight it's easy to laugh at Bernanke, and some folks have been known to do so.
Trillions of dollars have been spent on monetary expansion and economic recovery since the beginning of the Obama administration. At least a trillion had already been spent before President Barack Obama was sworn in.
We would have been better off in the scenario without the recovery plan. Throughout that period, headline unemployment has exceeded predictions every single month, growing from 7.3 percent to 8.2 percent (and topping 10 percent during the period when the Recovery Act's purported benefits were at their peak).
For full article go to Reason.com.
for more go to:
Most Recent Posts
- Jim Rogers Says Deutsche Bank is Broke and a Derivatives Collapse Coming - Mike Swanson (07/29/2016)
- Podcast - Ike Iossif on the Internals of the Stock Market and the Bond Bubble - Mike Swanson (07/28/2016)
- How To Find The Best Junior Mining Stocks and Small Cap Miners
- Is the Fed in Control of Gold and the Stock Market with David Skarica - Mike Swanson (07/22/2016)
- Jim Goddard Show Interview - Is It Crazier To Invest in Vietnam Than In Oil Fracking Stocks? - Mike Swanson (07/21/2016)
- Here Are The Key Gold Support Levels You Need to Know - Mike Swanson (07/21/2016)
- Hang Your Hat on Small Cap Private Placements In Gold Stocks - Mike Swanson (07/20/2016)
- Friday Trading Update: IDM Mining Approaching Breakout Point Plus Big Coffee Trade - Mike Swanson (07/15/2016)
- Podcast - Ike Iossif On Why the Stock Market Has Ignored BREXIT So Far - Mike Swanson (07/14/2016)
- The Hidden Bull Market In Junior Mining Stocks + Stock Market Update with David Skarica - Mike Swanson (07/08/2016)
Grab This Free Report: Why IDM Mining Is Our Top Gold Stock Pick
This free issue of WSW Monthly is devoted to the rise in mining stocks and how to profit from it. It includes our top mining stock pick of July, which is IDM Mining (we own 140,000 shares and 70,000 warrant options of it, because we put our money where our mouth is). But do not think about buying it or any other mining stock before you read this report. To get this report click here