Is the recovery a media fiction
Nov 30th, 2009 by David Anderson
Many analysts think that it is. The revision of the GDP means that almost all of the aneamic economic growth was the result of the discontinued cash for clunkers and the soon to be discontinued housing tax credit. The only two items of the agenda to work and they are heading out the door. Even our President warns of a double dip. Today, America’s second largest newspaper reported that the FDIC reports the biggest drop in business loans by banks on record.
There are definitegreen shoots amid the dead branches of foreclosure, job cuts, lending contraction, bank failures, consumer caution, commodity inflation, and a currency crisis. Let’s hope that they are not sprayed by the herbicide of stifling government coming out of the ruling party. The President needs to forget about a jobs summit photo op. He needs to attendsome good economic policy seminars and invite his congressional allies to join him.
Main Street bails-out Wall Street.. again. But, that’s not a ‘recovery.’
Well said.