Tuesday, September 15, 2009
B.O. Knows Banking?
Obama told Wall Street yesterday that the nation’s economic outlook has improved. I'm not sure what that means, but he clearly wants us to believe that he has saved us from another great depression. He wants us to believe that his stimulus bill has staved off economic catastrophe. But, has it?
Here's a frightening article on how US credit is shrinking at the Great Depression rate and the conclusion by Professor Tim Congdon from International Monetary Research that the Federal Reserve and other central banks will be forced to engage in outright monetization of government debt by next year.
We are in a world of financial hurt, folks, and it's getting worse, not better. Our Joker president hasn't a clue what he's talking about or doing. By the end of 2010 his ineptness will have us deep in a crippling recession, if not an outright depression.
Barack Obama says, "We can be confident that the storms of the past two years are beginning to break." A better analogy would be that the light at the end of the tunnel is an oncoming train.
Posted by BobG at 5:38 AM