Thread: The Economic Recovery Fantasy: Outright mockery, when the WH

Outright mockery, when the White House and the lapdog media tell me that the nation is now recovering from the recession

The Economic Recovery Fantasy

By Alan Caruba
Tuesday, November 3, 2009

I freely confess that I regard it as a triumph if I can balance my checkbook. My Father was a Certified Public Accountant and surely despaired of his second son (the first became a CPA!) who had no head for numbers.

Like most Americans, though, I find it laughable, if not outright mockery, when the White House and the lapdog media tell me that the nation is now recovering from the recession. The media, as just one example, is bleeding thousands of jobs that are not likely to ever return.

What I do know is that, as of November 1st, 115 banks have failed this year. They represented combined assets of $19.5 billion at the end of September. Most have been gobbled up by larger banks. In 1989, at the height of the savings and loan crisis, the FDIC closed 534 banks or about ten a week.

Rep. Ron Paul, a Republican congressman from Texas, flatly says, “A false recovery is under way. I am reminded of the outlook in 1930 when the experts were certain that the worst of the Depression was over and that recovery was just around the corner. Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones Industrial average did not recover to 1929 levels until 1954.â€

The truth is obama and his elites have done very well financially off the backs of the American people. So they have recovered and thrived while the American people suffer.