Away From What?
President Barack Obama plans to reappoint Ben Bernanke to a second term as chairman of the Federal Reserve, a position from which he guided the economy away from its worst recession since the 1930s and, the White House hopes, toward an economic recovery critical to its legacy.
Can anyone explain how anyone can conclude we are moving away from recession.
Bank failures are increasing. Business revenues are decreasing. Job losses are increasing. Profits are decreasing. Commercial Real Estate is crashing. Bankruptcies and foreclosures are skyrocketing. Tax receipts are evaporating.
Does that sound like moving away from recession to you?
The only reason our economy hasn't fallen apart......yet.......is due to the fact that government is effectively counterfeiting and spending trillions of dollars it doesn't have. If this goes on much longer, our currency will be worthless and create, as Buffett described, a problem much worse than we avoided.
I am not sure how jumping from the frying pan into the fire is moving away from recession or a good thing......unless of course the goal is total collapse.