The Fed is absolutely clueless, populated by slow learners with short attention spans. They took us to the abyss of depression… if not directly into it… and now want the fame and glory from saving us from it with our own tax dollars.
Consumers are not spending. No one is lending. Commercial real estate is deteriorating faster. We’re not dealing with the cancerous growth in the banking system. Obama is busy rewarding the fools that got us here. We’re replacing private debt with public debt. Mortgages and credit cards are seeing high default rates. More than 33 million Americans are collecting food stamps, and surprise, surprise, the jobs number was much worse than what was reported.
There are no jobs. Hundreds of thousands of people left off the “real” jobs number frustratingly gave up looking for work. There are no home sales, no mortgages, no expansion, no credit, and a drunken Congress on a spending spree… and you want to tell me this is a recovery?
Foreclosures are still rising… and will continue to rise. Jobless claims “unexpectedly” rose to 558,000, as reported today. Oh, and as for the “real” jobs number, ask the 300,000 people that were left off the count because they gave up looking for work in this environment.
But the recession is over, according to economists? Come on.
The only difference between us and the Fed is that we’ll tell you how it really is. Bernanke is nothing more than a wimpy version of Greenspan.