Busted: Bankers and The Global Economy

February 5, 2009

Obama Warns of Irreversible Recession

“By now, it’s clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression.”
—————————– President Barack Obama

i-obama-inaugural-signingObama has painted a bleak picture of the future of the economy without stimulus, predicting an additional 5 million jobs lost and unemployment approaching 10 percent.

The Media is spotlighting a irreversible recession per the words of President Obama. President Obama warned today that the United States is facing a recession so deep that, without action, it could turn into one that “we may not be able to reverse.” The idea of a recession cycle that will “linger for years” is nothing new to a few of us (certainly not at Digital Economy), but now President Obama is highlighting this idea in the effort to urge Congress to pass his economic recovery act.

“What Americans expect from Washington is action that matches the urgency they feel in their daily lives — action that’s swift, bold and wise enough for us to climb out of this crisis,” Obama added. What Americans actually expect is support that could actually help with the economic crisis for the average American, like job stimulus, not simply free giveaways and government bailout.

President Obama is selling his plan as “more than a prescription for short-term spending — it’s a strategy for America’s long-term growth and opportunity in areas such as renewable energy, health care and education,… it’s a strategy that will be implemented with unprecedented transparency and accountability, so Americans know where their tax dollars are going and how they are being spent.”

A recession is not usually seen as an ‘end time event’ or irreversible, but that is how politics is painting the scenario as panic sets in. The nation faces economic collapse, but the current ‘stimulus’ is simply the beginning of a list of government action that will be required to keep the economy from collapse. The real problem remains the toxic banking derivatives that threaten the banking system. There is no resolution to that problem while the rest of the economy sinks into the mire. Meanwhile the President of the United States publicly entertains the idea the our recession is possibly irreversible, which accurately put, places the United States at an untimely demise. What do you think? ~ E. Manning


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