Wait a second, I thought the economy was recovering?
Isn't that what everybody has been saying?
What about all of those "green shoots" and mustard seeds that Bernanke and Larry Kudlow have been talking about?
Didn't the new administration tells us that unemployment would only peak at 8% because of their "stimulus" plan?
What about the recent Wall St. rally?
I thought consumer confidence was up?
Even Jim Cramer recently called a housing bottom.
But then I read today that the World Bank's revised economic forecast shows that the recession will be deeper than once thought.
The truth is that an economic recovery is difficult when home values are plunging, stock portfolios are being halved, the real unemployment rate is 16.4%, and credit is evaporating as a result of massive default rates on credit cards and mortgages.
I guess even those closest to the situation either don't know what is going on or have a difficult time telling the truth. Some things never change...
"While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States - that is, prosperity." - President Hoover, May 1, 1930
"The worst is over without a doubt." - James J. Davis, Secretary of Labor, June 29, 1930
"We have hit bottom and are on the upswing." - James J. Davis, Secretary of Labor, September 12, 1930
I'm not saying, I'm just saying...