The Biggest Lie Since Global Warming
No...Not 911 You Conspiracy Theory Fools
It is The Fed and "Economists" forecasting or sugggesting growth in the American economy
Let's list all the areas where there is KNOWN contraction:
TECHNOLOGY....Most tech companies reported negative y/y sales comparisons including HPQ tonight
NEW HOME CONSTRUCTION
HOTELSBjorn Hanson, a clinical associate professor at the Tisch Center, said that average domestic hotel occupancy this year would be about 55 percent.
Average national occupancy has dipped below 60 percent only twice before since the 1920s, he said, during the Great Depression, and in the aftermath of the 2001 terrorist attacks.
The occupancy dip following the 9/11 attacks was barely below 60%, so, according to Hanson's comments, the current hotel recession is the worst since the Great Depression.(calculatedriskblog.com)
The number of people visiting restaurants has plunged for four consecutive quarters, according to NPD Group, a market research firm. ... chains such as McCormick & Schmick's, the seafood house, and Morton's, the steak purveyor, saw same-store sales, or sales at restaurants open at least a year, fall 18.8% and 16.8%, respectively ... according to Bellwether Food Group, a food industry consulting firm.
Research firm NPD doesn't expect an industry turnaround any time soon. ... In 33 years of tracking restaurant traffic, NPD "has never seen this type of a weakness for this long of a period," [Bonnie Riggs, a restaurant industry analyst with NPD in Chicago] said ...(calculatedriskblog.com)
CONSUMER AND CORPORATE LENDING
SALES TAX RECEIPTS
INDIVIDUAL AND CORPORATE INCOME TAX RECEIPTS
AND LOTS LOTS MORE.......
Unless the economists are applying Military Keynsianism and forecasting a massive military build.....which seems very possible at this juncture, it seems impossible that any rational person could forecast growth...especially in light of the dramatic cuts in bank credit and massive cuts to government, education and health care already announced and likely to be announced in coming weeks.
When you incentivize banks to hoard cash and speculate on financial instruments with guaranteed taxpayer protection, a zombulator is formed and it will suck the life out of the real economy by extracting most of the money out of the system diverting funds that would otherwise be necessary to sustain the private economy.
Now we are feeling the effects with company after company laying off workers, slashing wages, or simply shutting down completely.