Wednesday, August 25, 2010

Telling It Like It Is

The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Meanwhile, for the idiots of the world, the White House sent its resident fool out to distract them from the problems at hand. Joe Biden conceded that the economic recovery was not proceeding as fast as the administration had hoped, but claimed there was "no doubt we're moving in the right direction."

Yeah, Joe, if the direction you want is the way to a third world economy.

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