In watching the news tonight it’s obvious what I’ve been saying for a while: There is no recovery, never was. The Obama administration has been lying about it so they look good. But, you can only hide that for so long. The question is, why is the news media finally telling something close to the truth (they said “it’s not a recession again,” which is not totally true).
It’s interesting that the news comes at a time shortly after Dominique Strauss-Kahn, the former head of the International Monetary Fund, was put in jail in what would otherwise be a brush under the carpet episode. He was on his way to Greece to work out the bail out of the Greek financial situation. But, with him in jail, there is no bail out, at least for now.
And the QE II, that is the second round of Quantitative Easing, or more commonly referred to as the Wall Street bail out, is coming to an end. The question is raised if there will be a third. It appears that there’s a major shift happening in high places. Some of the “power elites” may be turning away from the persistent bail outs and monetary policy as they are clearly destroying the world economy to save maybe 1% of the population.
Who could be behind the shift? That’s a good question at this point. But putting Strauss-Kahn in jail without bail on what would have, otherwise, been a typical covered up sexual escapade a powerful person. And to be denied bail! There’s much more politics behind that than there is a sexual criminal act.
In any case, the NBC video is worth watching to get an idea of the economy but keep in mind that the real solution to the global financial crisis is to do what Roosevelt did. There are some voices calling for that today but the same media doesn’t cover them. Without a real recovery like we had to get us out of the last depression, as they say in the video, “economic rehab” can take a long time.