Sunday, October 24, 2010
Dr. Bernanke: or How I Learned to Stop Worrying and Love the Economic Holocaust
Goldman Sachs is declaring that the Federal needs to produce and inject $4 Trillion dollars into the economy. Why not $40 Trillion? Or $4 quadrillion? If we're going to tank the currency, why don't we go all out with our insanity.
Don't worry about the U.S. dollar's recent flash crash. Sure, the dollar index collapse after trading hours, but I'm sure everything is okay. Although, I would hate to be those poor bastards with a $75 stop-loss, because the dollar quickly recovered. Ouch!
Speaking of which, what happened to that recovery? The NBER declared that the recession ended in the summer of 2009. Nevermind the fact the jobs never came back or that over 1/8 of the population is on a government anti-poverty program. At least, the financials are doing better. Oh wait, the derivative nightmare is still playing out, the banks aren't lending to small businesses and the smaller banks are still going up in smoke. 7 more banks failed last friday, bringing the total number to 139 for this year. We're on pace to shatter last year's dramatic rise. And who can forget about foreclosuregate? Big, greedy, corrupt, banks trying to foreclosure on houses that they don't actually own.
A friend of mine called me up the other day and complained that he had 500 channels, but couldn't find one good scary movie. I told him to stop watching TV, start reading the news and tell me if he can't find anything scary.