SP4: 1.2 trillion deficitApr 3rd, 2009 - 15:15:44

...in a single budget...makes Bush look like he ran a lemonaide stand.

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Say Goodbye to the USDApr 3rd, 2009 - 17:28:29

It's more than obvious the US will still be in the depths of the Second Great Depression long after Europe and Asia have recovered.

The US Dollar is backed by nothing. The Federal Reserve has been burning up the printing presses, flooding the world with what for all practical purposes amounts to counterfeit money. In the mean time, Congress is happily spending this fiat money like drunk hookers on welfare payday.

None of the money is going to the benefit of consumers, who account for 2/3rds of the US economy. In fact, the massive tax burden being created ensures consumers never will recover from this debacle.

Perhaps the most frightening aspect of what is taking place is the spin being put on everything by the US media. At least in China, the state run propaganda machine makes no bones about what it is. US citizens enjoy no such transparancy and disclosure. Here, most citizens are under the impression the state run propaganda machine is a 'free press'.

Here, the worst housing numbers for a February on record is billed as a 'sign of recovery' for the housing market. Forget that January is always the worst month of the year for housing, and that January was the worst month on record in the entire 50 years such data has been collected. And, forget that we're talking about years where the US population was half of what it is today. The January and February numbers, unadjusted, were about half of what you'd see in a bad year since the early 90s.

126,000 construction workers lost their jobs in March. Anyone figure that's a sign housing has turned the corner?

The headline unemployment number is now at 8.5%. The not seasonally adjusted number is at 9%, which is supposedly up .1% from February. Unfortunately, weekly new claims data indicates some 900,000 jobs vanished in March, which should have bumped up the unadjusted number to something in the neighborhood of 9.4%, and the adjusted number to around 8.9%.

Incredibly, the Dow is up 1500 points from recent lows, in an economy where the underlying fundamentals just fell off another cliff. So, say goodbye to the USD. The bill is due on the 80 year experiment in abandoning a gold standard.

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@ SP4: 1.2 trillion deficitApr 4th, 2009 - 01:58:18

Hey Idiot stick,

If your boy had run a lemonade stand, he would have forced that into bankruptcy also.

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