Recession Without Shock Absorbers

Posted on August 8, 2011 at 1:29 pm by Bob Cesca

This assessment of the economic landscape is pretty accurate. Short form: there’s nothing standing between us and another recession.

Everyone has played their hands in attempting to recover from the previous recession, while some of us (I’m looking at you, Congress) have deliberately handcuffed themselves for no reason other than political sabotage.

If there’s going to be another recession, how will Congress and the White House pull us out? Without any power to pass another stimulus, the next recession could be very long and very painful.

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  • incredulous72

    I was just watching MSNBC (I know, bad move) and Chris Matthews was commenting on President Obama’s address regarding the S&P downgrade. Matthews said something that struck me as . . . well, unsettling.

    He “claimed” that half the country feels that spending cuts and reigning in “big government” is the key to economic recovery and growth. He also said that those that believe this are republicans and their number one key to resolving the country’s problems is to oust President Obama next year.

    In my mind, I’m thinking, “HALF THE COUNTRY?! THAT”S BULLSHIT!”
    I don’t believe that half this country thinks that President Obama is the cause of the economic problems in this country. Nor do I believe that half of this country believes that the policies implemented by the President did not work; there’s PROOF that they did work. Further, I don’t believe that half this country wants President Obama out next year.

    He also said that President Obama is no longer in control, the republicans are now running the show.

    I know I know; I shouldn’t be watching that crap anyway. I’m just shocked by Matthews take on the issues and how this kind of “President Obama is no longer in charge” meme is detrimental to the very fragile societal psyche that listens to this stuff. I mean, I don’t even believe what Chris just said, and I’m upset by it.

    • ShitMcFuckensteinAVC

      Chris Matthews is an idiot. Occasionally he lives in reality but most the time he is too easily sucked in by macho theatrics. He wants a President that quotes Clint Eastwood movies and smells like saddle leather.

    • missliberties

      I’d say Hedge Fund Managers are running the show. Remember, the sovereign movement. Scary people that show you their car is sovereign and they don’t need to buy no stinkin liscenses.

      Sovereign Wealth Funds, ie: hedge funds, consider themselves above and beyond the laws of gravity.

      Pimco bonds managers are literally telling their folks not to buy US bonds.

      It seems like the want to move the levers of control out of the hands of government and into the hands of the Sovereign Wealthy.

  • rekster

    The best thing I can say about the economy is that I lost all my 401k in the last debacle. Nothing more for me to lose!

    • missliberties

      That is actually good news, in a perverse way of thinking. Silly me. I have been trying to invest ‘smartly’ in wise stocks.

      S&P royally screwed America here. But I don’t think it will last. This is just the pus coming out of the credit bubble . Never forget synthetic CDO’s blew up 58Trillion dollars worth of global wealth. We solved it here in the US. Now Europe is grappling with the same catastrophe.

  • missliberties

    Please pay attention. This is a CREDIT CONTRACTION!!! This is still crap from the housing bubble related to the fact that crap that was rated triple AAA was sold around the world.

    The DOW’s fall today is less related to the US, though somewhat, but more related to hedge funds attacking Italy.

    This is literally economic warfare in the name of getting rid of “European style socialism”, French laziness, and social safety nets in the US.

    And they want us to put our Social Security in the stock market? Dream on.

    Remember Italy privatized it’s safety nets right before the first stock crash.

    S&P seems to be a functioning arm of the tea party.