"WASHINGTON (AP) — More than 90 percent of economists predict the recession will end this year, although the recovery is likely to be bumpy.
That assessment came from leading forecasters in a survey by the National Association for Business Economics released Wednesday. It is generally in line with the outlook from Federal Reserve Chairman Ben Bernanke and his colleagues."
"More than 90 %" Eh? Too bad they didn't list names. I don't know anything about NABE, but I suspect they're about as good as the National Association of Realtors at predicting the economy.
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Let me understand. Unemployment, bankruptcy filings and foreclosures continue to set records each quarter, GM and Chrysler are in BK, and the majority of banks failed the so called "stress" test (which was originally supposed to be a low hurdle to guarantee success and build public confidence) despite billions in TARP money....but the storm is almost over. Really??
Let me provide the Pulpit with an insight that you won't read anywhere else. The "stimulus bills" - all $4 trillion - aren't working. That's right, and nobody is talking about it. All that money they poured in was supposed to create an immediate economic U-turn. But, it has not stopped the downward spiral like they thought it would and things continue to deteriorate. That has everyone in Washington wetting their pants since if this thing does not turn around soon, you will have massive new business closures in the retail sector (if Christmas goes bad, count the number of stores in liquidation in January), massive unemployment and potential economic collapse. With the failure of the stimulus, the country is now in a race for its economic survival. 6 months and counting.....
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