It’s official! We have been in a RECESSION since December of 2007. All those months when most of the blogosphere acknowledged that we were in a recession, but Bush and buddies said “Oh no, we’re not” have come back into sharp focus.
The best prediction is that we will stay in recession well into 2009 and we could go beyond that.
The solution that Paulson and Behrnanke are pushing is to print more money and feed it to the banks… banks like AIG and Citigroup and other biggies that seem to take the bucks that we print and turn them into big cash subsidies for executives.
I’m not sure that Obama is gearing up to do much better… but at least it is clear that the economy has to be completely restructured in this country. Wait for the big sacrifices to be spelled out that we all need to make at the consumer level. That will happen really soon.
I want to see the big sacrifices the bank execs and automobile CEOs and folks like that are going to make. Like… how about giving up your multi-million dollar salaries for a year? You can afford to coast on your savings from last year. Just cut your vacations short and give up eating out. Hehehehe.
Wait til they start telling us we’re not heading into a Depression. What? Ben B. did that today? And should we believe him?
You tell me.