Wednesday, March 16, 2011
I'm not one to grasp at straws, rationalizing until 'bad' becomes 'good'
Or make 'lemonade' when bombarded with rancid lemons
And I don't believe a person or entity can be both seriously ill and 'in recovery'
And honestly it is hard to say if I am in the majority view.
Certainly listening to mainstream news, especially the spewage from CNBC, Bloomberg and other financial news outlets, and hearing statements from the Fed and other government entities, I'd think I was definitely in the minority and by a country mile.
They say we're in recovery. Everything is A-OK
Reminds me of lyrics of a Beatles song, "Getting Better" from the 'Sgt. Pepper's Lonely Hearts Club Band' CD. Paul McCartney would sing "I've got to believe its getting better.. A little better all the time" This line is often used in commercials. People forget there's a second part though. John Lennon then chimes in "It couldn't get much worse".
Here's today's Fed Reserve 'Lie of the Day' --
"The Fed says recovery on firmer footing, downplaying inflation risks & keeping the $600B bond program. The Fed offered its most optimistic view of the U.S. economy since the recession ended, even as Japan's nuclear crisis stoked new worries around the globe. The economic recovery is on "firmer footing" and the jobs market is "improving gradually," " (AP)
Understand why this was done- its important to put the Lie in context. Just hours prior, the Nikkei, Japan's stock market crashed more than 10% of its total volume in ONE day of trading, losing over 1000 pts and as a result, Wall St opened down 300 points. The announcement was a strategic move to stabilize the markets and exert calm to the investor masses. Which shockingly it did, which just demonstrated that many people will accept any shit said to them as long as its shit they Want to hear.
This is the reality- there is no recovery unless you work on Wall St. And there will not be on for a very long time. Trillions have been spent to give the illusion of recovery but it is smoke and mirrors. Unofficial unemployment is over 17% and no one in government is doing anything to create jobs. And corporations have Zero incentive because to increase hiring would mean losing the free money train known as Quantitative Easing which is pumping into the markets at $75 billion/month (or $2.5 billion/day). This 'free' money isn't free btw- it is public debt... National Debt which accumulates interest and it will be repaid by someone-- guess who?
Ask yourself this-- If the Fed felt so confident about the economy, why did they vote unanimously to continue the $600 billion Quantitative Easing 2 program? Why is the Fed keeping interest rated abysmally low to encourage borrowing and further indebtedness while destroying the saver's ability to get a decent rate of return on their money? Why is the Fed continually debasing the dollar so its weaker domestically?
Because they are Liars. And when they say we're recovering, they are Lying.
People want recovery badly. They want things better in their lives so its a lie people can live with. Usually no one gets upset when you're overly optimistic or extreme hopeful, even if the words are based on nothing. It becomes psychological 'comfort food'-- no different than ice cream or potato chips.
Personally, I desire recovery too.. but I want sincere recovery. I want to see unemployment go down and in jobs that pay living wages that allow people to build up savings and allow to possibly achieve home ownership one day. I desire home prices stabilize without government interference to price points where buyer and seller can come together on terms both are happy with. I want to see a manufacturing base return to the US. And I want to see a stock market that accurately reflects the Real economic barometer of the nation, and a market that everyday people, the mom & pop investors can trust in again.
What I don't want is to be told things are better for 2% and that statement is supposed to be blanketed to cover the bottom 98% who collectively are in very poor financial shape. And I don't want to hear Lies from the lips of soulless sociopath bankers and slimy career politicians.
I'm just old fashioned I suppose
Posted by Susquehanna at Wednesday, March 16, 2011