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
- Stock Market Mastermind Session With David Skarica: What Happens When The Japanese Central Bank Loses It's Magic - Mike Swanson (02/05/2016)
- Bubble Stock LinkedIn Crashes Over 30% Overnight (02/05/2016)
- Gold Only Thing Going Up In 2016 So Far As Everything Else Falls (02/05/2016)
- McDonald's Salad Contains More Calories Than Big Mac (02/05/2016)
- The "Conservative" Marco Rubio Supports Trillion Dollar Pork Program (02/05/2016)
- What Is Next For The Stock Market Now? - Mike Swanson (02/04/2016)
- Stock Market Seasonality Is Out Of Season - Chris Vermeulen (02/04/2016)
- New Book Reveals History Of Our Secret Government (02/04/2016)
- Jim Goddard Show Interview - February To Be Key Final Decision Momement For Stock Market Investors- Mike Swanson (02/03/2015)
- The Fed Seeks To Test How Banks Would Handle Negative Interest Rates (02/03/2016)
Get Our Full Report On Donald Trump's Impact On The Stock Market
The free February issue of WSW Monthly is devoted to Donald Trump and his impact on American politics and the stock market. A Trump win would likely have a huge effect on the stock market. To get this report click here