Since Federal Reserve Chairman Ben Bernanke declared a week ago that the U.S. recession was over (well, sort of), that means the federal government can stop pouring hundreds of billions of dollars into bailouts and “stimuluses” and other government-driven “recovery” nonsense, right?
Wrong.
From Bloomberg:
The Federal Reserve signaled that the U.S. economy’s return to growth is insufficient to withdraw stimulus as officials seek to reduce the highest unemployment rate in a quarter century.
While the economy has “picked up,” the central bank’s planned asset purchases will help ensure a “gradual return to higher levels of resource utilization,” the Fed’s Open Market Committee said (Wednesday). Policy makers committed to complete their $1.25 trillion in purchases of mortgage securities and extended the end-date of the program to March from December.
Translation?
The recession is not over.
By Rob September 24, 2009 at 1:33 pm
Why I don’t believe a word Bernanke says:
http://robparis.blogspot.com/2009/09/select-quotes-from-great-depression.html
By dirtbogger September 24, 2009 at 2:26 pm
END THE FED! JAIL THE CROOKS!
By Barny Fife's friend September 24, 2009 at 3:17 pm
Its starting to look like the economic stimulus is not working. Sure hte stock market broad indexes are up, but to the levels of 1998. There is just too much spin coming from the federal government and business leaders. Highest number of defaults of home prices in months? Now that all the children are in school, how many more houses will sell throught the winter into the spring? Consummers have cut back and are unlikely to spend freely. I don’t think we can rely on consummer spending to turn the economy around anytime soon.
By Strom's Daughter September 24, 2009 at 4:03 pm
Compared to most states, South Carolina is a disaster area.
A mere recession would be an improvement.
By Laura Campbell September 24, 2009 at 5:35 pm
Every system in the country is just about broken. Our jobs are practically gone. We can’t compete internationally because of a broken education system.
The recession is alive and well.
A fine example from Chesterfield/Marlboro County is the time I spent at Vocational Rehab. I went in to be assessed for work due to a severe back injury and anxiety problems. Needless to say, after completing the program successfully, I found no job. The conditions there were terrible. Most clients were paid 1/2 to 1 cent for assembly, per item. Most clients were from local jails or the prison and either slept or BSsed all day. One guy came in shot in the arm and sat around all day. He didn’t report it, nor did any supervisor notice it, he would have gone back to prison.
Shortly after I left, the facility was investigated. The head man in charge there is now running our local drug court, which is was run by former solicitor Hodge. According to one individual, records were requested but they were not to be found.
We the people, if we want a government “for the people and by the people,” had best start waking up, smelling the coffee, and keep our government in check. That is, if we survive our current administration. They’re speaking of preventive health yet just scrapped the part of my government health plan that covered chiropractic service. I suppose they need the money to bail out newspapers. I won’t even begin on the health care and compensation my ex-husband receives as a Desert Storm Veteran with 9 years of active duty.
No more will I vote for the popular, mass supported candidate. I want the boring one, with a clean background who promises no more than do their job as a public servant. Someone who doesn’t spend a small fortune campaigning. Someone with plenty of experience. Someone who chooses appointees based on credentials. Someone who encourages the people to keep them in check instead of to keep sending them a paycheck.
Our Founding Fathers must be spinning in their graves.
By cerius September 24, 2009 at 5:47 pm
Why so glum, everyone? Obama’s stimulus has worked! We’re edging closer to an international currency to replace the dollar. Soros couldn’t be happier!
By Magazine Subscriptions September 25, 2009 at 8:47 am
Recession over… i will love to hear that… time to time for a moral boost at least… hehe… the way everyone have been affected, the Recession won’t be over soon…
Still..! i can wish all the best to everyone.
By John Steinberger September 25, 2009 at 7:21 pm
Always good to see a Wayne’s World reference in the headlines!