3 Signs of Economic Disaster

Reading Time: 2 minutes

Each day, more economists jump onto the Double-Dip bandwagon. Signs abound that the natural economic recovery that would normally follow a deep recession won’t happen. Instead, the economy is now saddled with so much debt, so many regulations, and such onerous new taxes that the Obama Administration tells us to be happy with 9.5 percent unemployment.

great-depression

Barack Obama is an economic disaster of the first order.

So why all the pessimism? 

Well, every week it seems we’re hit with wave after wave of bad news. At the same time, Biden and Obama tour the country telling the unemployed they never had it so good.  Here’s today’s top stories on Drudge:

 drudge25AUG10

Here’s a link to one of the stories—on CNBC—that says we have left recession and entered . . . economic DEPRESSION.

And that brings us to this week’s triple-play of disastrous economic news.

First, existing home sales fell by 27 percent in July to the lowest levels in 15 years. At the same time, inventories climbed and interest rates fell.  That means prices will have drop dramatically before the housing market can recover.

Second, durable goods orders, excluding transportation, fell by 3.8 percent in July. Economists and analysts expected a 12 percent rise.  That means businesses have abandoned hope of recovery.

Third, existing home sales plummeted 12 percent in July to the lowest level on record. 

Why can’t the economy find solid footing?  Because America can no longer afford the government in Washington.  With government workers earning twice as much as people who actually produce value in the economy, wage earners can afford only two things:  subsistence and taxes. Truly, the government has erected a multitude of New Offices and sent hither swarms of Officers to harass our people and eat out their substance.

Either we cut the cost of government or die.  That’s a stark choice.  But it’s the one we’ve been given.



2 thoughts on “
3 Signs of Economic Disaster

  1. What did they do b/4 being Prez:

    Nixon – VP USA 8yrs
    Ford – House of Rep 25yrs
    Carter – Gov GA 4 yrs
    Reagan – Gov CA 8 yrs
    Bush 41 – VP USA 8 yrs
    Clinton – Gov AK 12 yrs
    Bush 43 – Gov TX 6 yrs
    Obama – 180 days on job in Senate; then Prez USA; most powerful person in the world with 180 days experience in govt. No executive experience. Never ran a business.

  2. I hope you would read the link in my name. It is very important. You can also go to the main blog and see part 2 and part 3 of the same subject. In a nutshell, what I have been saying about the conspiracy of the international banking cartel is all true. Basel 3 wants to give banks the go ahead to massively invest in MBS from the GSE’s. This would create a moral hazard because the GSE’s would take risk, and there could never be a way to reform them.

    It used to be that they could be a guarantee or not a guarantee of mortgages as the market required. That will no longer be the case. The international basel 3 cartel will make them a PERMANENT guarantee of mortgages. There will be no risk to mortgage investment and this is WRONG.

    I have been telling you until I am blue in the face that the lenders, not the borrowers, Wall Street not mainstreet, is out to steal from the American people in conspiracy. I have warned you and you have not listened. Now Patrick Henry would turn over in his grave to know you are selling out to these banksters. Shame on you Bill. Email me at bgamall4@yahoo.com if you have a plan to stop the bankers from taking over our country.

Comments are closed.