America’s Financial Apocalypse 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.
https://teakdoor.com/images/smilies1/You_Rock_Emoticon.gifhttps://teakdoor.com/images/smilies1/You_Rock_Emoticon.gif Washington has forced an irresponsible bailout of the entire banking system down the throat of taxpayers. While this bailout will do very little than mend a short-term credit freeze, it will enrich those who wrecked havoc on the global economy.
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. As I have alluded to for several months now, this is just the beginning. Thus far, we have seen many of the world’s strongest, most successful financial institutions file for bankruptcy or participate in a forced buyout to avoid further crisis. Many of these buyouts have been prearranged behind closed doors with the Federal Reserve, the U.S. Treasury and the FDIC. Bank of America, Merrill Bailout Disguised as Buyout?
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