For the last couple of days I have been studying Fed chief Bernanke’s latest press conference……and have come to the conclusion that he has NO idea what to do next to save the economy…..and the title says it all!
Michael Snyder has made an excellent point……
Is the U.S. economy improving? That is what Federal Reserve Chairman Ben Bernanke would have us believe. Bernanke declared today that the “recovery appears to be proceeding at a moderate pace” and that everything is going pretty much as planned. Sadly, the mainstream media and most of the American people still seem to have faith in the economic pronouncements of Helicopter Ben. They seem to have forgotten all of the Bernanke quotes from before the financial crisis. Bernanke pledged that there would not be a housing crash and that there would not be a recession. It is amazing that anyone still believes that Bernanke has any credibility left.
Bernanke for once was pretty honest with his analysis……(okay, that is sarcasm)
Brutally honest, Bernanke admitted that he had no clue what was actually causing the current fragility in the U.S. economic recovery. While the FOMC statement assigned blame outside of the U.S., pointing at Japan along with rising food and oil prices, Bernanke was put on the spot by a reporter who noted the inconsistency behind that explanation and a lowering of long term forecasts. Bernanke took the hit, admitting only some of the factors were temporary and that he didn’t know exactly what was causing the slowdown, but that it would persist. “Growth,” said Bernanke, “will return into 2012.”
Come on! Bernanke knows damn well what is causing the lag in the economy……his policies as well as the spending frenzy that politicians have been on for 20 years has everything to do with the condition of the US economy……..there is only one thing that we should recognize……
Sadly, this is about the best that our economy is going to get.
What we are experiencing right now is “the recovery”. As we move forward things are going to get progressively worse.
A lot of people don’t like to hear that we are in the middle of a long-term economic decline, but that is the truth.
The era of tremendous economic prosperity for America is coming to an end.
An economic nightmare is coming.
You better get ready. (thanx to Michael Snyder)
“What we are experiencing right now is “the recovery”. As we move forward things are going to get progressively worse.”
I don’t know that they will get progressively worse lobo but I feel pretty safe in assuming that it will not improve significantly over the next 8-10 years. That in itself is a bad thing because unemployment will perhaps never see lows at 4-5% anymore.
Larry, I think you are right……and if the implementation of the issues of the GOP are put into force then we will see a more rapid decline of life for the middle class and the poor……
Another good post. Your predictions COULD be correct (and most likely WILL be), but it doesn’t HAVE to be that way…
Your worst problems stem from the “old guard”. Those who say, “we should return to this,” or “to that” are living in cloud cuckoo land. It’s OVER! The world is changing to a new order and we either change with it or go down kicking and screaming, but down nevertheless.
The old stuff has just plain had its day (and that includes the American attitude to Wall Street) and the old industries have largely just outlived their usefulness. You have lots of new technologies, but few of them are significantly better than the Japanese can manage and even THEY (the Japanese) are looking a bit dated at times.
To look at coming even close to competing in the world of fifteen to twenty years time, you have to rethink your ENTIRE EDUCATION SYSTEM right now – you need talent with EXCELLENCE, you need to encourage and nurture it and it doesn’t matter a DAMN whether it comes from money or NOT!
That is simply what America needs in order to have ANYWHERE to go except down the tubes in a decade or two’s time! Anything else is trivial by comparison!
You WILL probably see slow (if any) growth for the next five to ten years – after that it depends very much on what you do NOW and during that intervening time as to whether things then start to improve or they spiral downwards into the dust forever.
Thanx again, Quin…..I am concerned that the situations that caused most of the problems are allowed to continue and the way the greed thing is playing out…it will happen again and within the next 5 years and I am being optimistic…….education is our answer….we give it lots of lip service but NO funding….so how serious are we?
Exactly!