Interesting words. Not mine. But I definitely agree. What I called “smoke and mirrors” under the Clinton administration was held in check throughout the second Bush’s administration in part because nothing really changed.
And the cause is a massive 2 year build up of debt and increase in the size and scope of the federal government.
The unprecedented debt load under which we have been shoved by Congress and the White House over the last 2 years has broken the back of the US economy. This is clear evidence socialism never works. Those of you who are not aware of my political bent or who are afraid to face the facts need to really take a close look at what you have been supporting.
What a slight majority, mostly un-informed and un-educated, voted for in 2008 is coming home to roost. Redistribution of wealth means everyone is poor and the nation suffers greatly because of it. Poor people are not generally smart enough, organized enough or driven enough to create and manage wealth.
Wall Street Baffled by Slowing Economy, Low Yields: Trader
“What we’ve got right now is almost near panic going on with money managers and people who are responsible for money,” he said. “They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.
“Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything,” Yastrow said. “We’re on the verge of a great, great depression. The [Federal Reserve] knows it.