Business cycle dating committee national bureau
Or so says the Obama administration media machine, according to the Business Cycle Dating Committee of the National Bureau of Economic Research. What President Obama and his administration are expecting us to believe now is that the recession ended in June 2009, only 18 months after it began in December 2007, according to the bureau report.
Granted, don’t wince that its committee of eight (which was actually seven last weekend) made that conclusion on a quick conference call the day before the president’s town-hall-type CNBC meeting last week, during which he was defending his failing economic plan. If the recession ended and recovery began in June 2009, the first problem is: What is that saying about the wisdom and effectiveness of most of the feds’ borrowing, bailouts and stimulus packages around and especially since that time?
It was not a pretty evening for presidential ratings or replies.
The came when the chief financial officer of AMVETS, a veterans organization, who was also an African-American woman, Mrs. I’m an American veteran, and I’m one of your middle-class Americans. My husband and I have joked for years that we thought we were well beyond the hot-dogs-and-beans era of our lives.
Since Obama has taken office, our national debt level has raised 26 percent – roughly trillion.
You have a person who has cancer and instead of removing the cancer, you give him tranquilizers.First, they were needlessly borrowed from future generations and foreign countries to stop the recession’s plunge into the abyss – since we were not in a commercial chasm.And, second, they failed because the stimulus loans were poised as the remedy to stop the rise of unemployment past 8 percent, which is now 9.7 percent. Just last weekend, Nassim Nicholas Taleb, financial scholar and author of the “The Black Swan,” which the New York Times described as one of the 12 most influential books since World War II, told a live Montreal audience that Obama’s stimulus solutions actually weakened the national economy: “Obama did exactly the opposite of what should have been done.According to the bureau’s own economic-timing conclusions, the feds’ financial rescues were not only unnecessary because we were already “in recovery,” but also as useful as a drop of oil in an already well-lubed steamboat engine.And if the recession were over before stimulus monies were dispersed, then they failed twice.