I have long argued that the current “recovery” is only in name, as unemployment has continued higher and any worthwhile economist will tell you that there is no such thing as a jobless recovery. The mirage of a recovery is a short-term phenomenon created by handing the banks Trillions of dollars as well as accounting trickery which allows banks to hide and understate their losses.
It is a glaring disconnect, as Wall Street recovers and generates billions in profits, paying itself millions in bonuses, while around 20% of the American workforce is either unemployed or underemployed. This is Depression-era unemployment with wages declining, foreclosures skyrocketing and working families worried about how to pay the bills. The middle class today is in desperate shape as the gap between the wealthy and everyone else is growing wider.
In the video below, Max Keiser, while sometimes making extreme analogies, runs all over a young bank apologist that continues spewing nonsense that he can’t back up. The key takeaways:
* The banks are engaged in accounting fraud, cooking the books and stealing taxpayer money
* Banks are simply hording the cash and keeping their losses in undisclosed accounts, not providing liquidity
* The banks will come back to Congress next year, demanding another bailout
* Bankers on Wall Street are the equivalent of suicide bombers or financial terrorists threatening to blow up the economy if Congress does not hand them trillions of dollars
* Other countries like Russia and China aren’t buying it, as they are dumping dollars and buying gold
* The housing market has not bottomed, as delinquencies and foreclosures are skyrocketing
Excellent article, as I couldn’t agree with you more. Alot of American people are starting to wake up, and we don’t care how many times the media or government tells us we are out of the recession, nobody is buying it.
We need more people like you to keep hammering away at the Fed and the government.
Thank you
Great video!
Talk about looking at America’s economy through rose colored glasses: ‘We’ve gone from the risk of a “Great Depression” to the risk a “Great Recession”‘. That’s a good one!
But the other debater, Mr. Keiser, was spot on. Our Wall Street money handlers did more damage to the American people (“peasants”) than any planes ever flown into buildings. It’s hard to measure the casualties of these “Wall Street jihadists” because the victims are far and wide. Even so, their loses are very real, extremely deep and many in number.
It’s a sad day when you can’t tell the difference between organized crime, centralized banking and corrupt government. Yet, the laws of economics cannot be violated without consequence any more than the Ten Commandments, and today our master parents are blatantly violating both.
In time, those who violated the Law(s) of Divine Providence for profit will be delivered into the hands of their victims to pay no less than an amount equal to the total suffering they inflicted upon the muddled masses. Indeed, there are times when even a gathering of dullards can become an instrument of God’s will. For examples, take the Italian rope carefully knotted for Mussolini or the guillotine finely crafted by French peasants for their prospering aristocracy.