Quote:
Originally Posted by NJBest
As has been discussed in this thread and many others, the last recession we had was in 2008 (actually began in December, 2007) and ended in 2009. This is according the NBER, the organization responsible for identifying business cycles.
The National Bureau of Economic Research |
Yes, but never mind that that was due to QE, government picking up the slack, bailouts, picking winners and losers, etc... Without government manipulation, who knows how long it would have lasted. At any rate, it doesn't seem to have done much for the average worker or middle class Amricans. The banks have done extraordinarily well though
Of course, if their toxic debt was really allowed to present itself, they too would be feeling the same world of hurt the average American is. If the people who have not kept up on their mortgages, but continue to stay were booted out en mass, the situation would further present itself.
I love hearing libs pretending that Oblama has done anything for them. He nullified the negatives effects of toxic debt, did nothing for the middle class, and used tax payer money to make the banks whole again. Tax payers are on the hook, and they still have to pay their outrageously high mortgages that were pumped up by the govt and the banks. As long as the middle class is on life support, drowning in debt, and has no certainty on where this will all end up, nothing will change for anyone. The fools who thing the government or a president can fix this problem are just fooling themselves. Creating false messiahs merely provides warm fuzzy feelings inside. It does not change basic economics.
Look at where wages are today adjusted for inflation... And not the government inflation numbers. Real inflation, that tracks food and gasoline prices. You know, the inflation that Americans really feel! Yes, that will cause a prolonged period of misery and uncertainty. The kicker is, as long as America cannot export, cannot raise prices, can not compete in anything, wages can't rise. People pretend it's not fair, but it's about as fair as it gets. Just because it's not working in America's favor doesn't mean it's unfair.
On the bright side, my gold and silver have been doing extraordinarily well for me in the past five years
I'm one of those who considers myself thankful to be doing OK. I also realize that all is for not if the country as a whole starts to take a dump. No man is an island in any economy.
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