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Monday, December 1, 2008

It's Official....We're In A Recession!

Here is the headline released by CNNMoney just a few minutes ago:

Dow plunges 680 points
Stocks slump as U.S. recession is officially called and signs point to a prolonged slowdown.
By Alexandra Twin, senior writer
Last Updated: December 1, 2008: 4:19 PM ET

My reaction to this announcement..."you've got to be kidding!"
"In a report released Monday, the National Bureau of Economic Research confirmed
what many have long believed - that the nation is in a recession. According to the NBER, the official body that calls economic cycles, the U.S. has been in a recession since December 2007." (Editor Highlighted)
You now tell us that we have been in a Recession since December, 2007! How stupic and naive do our leaders - or shephards - think we are. Starting with President Bush who so many months ago told us "our economy is strong" to our Secretary of the Treasury Paulson who has also consistently told us that we are not n a Recession to the numerous media reports denying the fact.

One only needed to ask the average American on the street - Main Street that is. That person months ago and even prior to December of 2007 would have told you we are in a Recession. I, for one have been saying so since early in 2007 when the so called sub prime crisis emerged. My earlier writings will reveal that I called it a Recession then. I said that this was not just a sub prime mortgage meltdown but an ecomonic crisis - National Disaster to be more accurate.

If we look back in history, every Recession was announced just as we were coming out of it or already had been out of it. There is something about our government leaders that seem to think protecting us from the truth is in our best interest.

But even more interesting in CNNMoney's article is this comment by Chairman Bernanke:

"Speaking in the afternoon, Federal Reserve Chairman Ben Bernanke said that the
economic weakness will continue for some time, despite the impact of the government's efforts to get money flowing again."

Again I must say, "No Kidding!" The efforts he speaks of do absolutely nothing to do with us. It is obvious it only helps Wall Street and Bank Street despite the promises made that the money would "trickle" down to us. If anything, these mega bailouts of mega failing financial institutions will serve to only prolong this crisis - not cure it.

But here comes Secretary Paulson with this comment:

"Treasury Secretary Henry Paulson, speaking at a Fortune 500 forum in the
afternoon, said the downturn was significant. He also said that the federal
government is looking to expand the financial rescue program."
To which I comment, "No Kidding"! Just today's downturn is significant. What about the downturns we have been experiencing for the past two years?

This comment made in the CNNMoney article sums it all up and I believe it to be from a more credible source then any of our elected or appointed officials:

"We're going to continue to see this extreme volatility because there's no
clear end in sight to all the crises," said Dean Barber, president at Barber
Financial Group."

Indeed, there is "no clear end is sight". With the addition of over 7 Trillion Dollars of government spending, I am not sure how many generations it will take to see the end of this crisis. I am not sure I will be around to see it nor even my children who are in their 20's and 30's.

I believe the transfer of wealth that we have been and are wittnessing will soon be complete and that for a true middle class to emerge again could take decades.

This newly named Recession will be recorded in history as The Greater Depression. to those of you who stole the wealth of this nation, we will someday reclaim it.

Please read the full article from CNNMoney along with several related articles you will find there.

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