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The Economy of 2011 Looks A Lot Like the Economy of 2008
Now that Osama Bin Laden is dead and watching himself on television in hell, it seems we can resume where we left off prior to the stunning reveal that Osama was killed: trying to function in a toilet economy. If only we could get President Obama to order a bunch of Navy Seals to shoot a loathsome terrorist in the face everyday.
The fragile economic recovery took a major hit when it was revealed that unemployment back to 9 percent, with real unemployment at 22 percent, according to dailyfinance.com. Energy and food costs continue to skyrocket as jobless benefits dwindle and wages are stagnant for the fortunate ones who still have crummy jobs. Worse yet, there’s a vast number of people owing more on their houses than the houses are actually worth. In fact, a record 28 percent of single-family homeowners, according to CNBC.com.
”Home value declines are currently equal to those we experienced during the darkest days of the housing recession. With accelerating declines during the first quarter, it is unreasonable to expect home values to return to stability by the end of 2011,” Zillow chief economist Stan Humphries said in a statement.
So remember when all those brilliant financial wizards with used car salesmen smiles were imploring Americans that their house was their best investment? Remember how they relentlessly advised them to take out the biggest mortgage they could get to buy the biggest house they possibly could (and even suggesting they fib about their income in order to get an even bigger one, because what could go wrong?), because prices were going to keep going up, forever, and they were all going to be gazillionaires with robot butlers made out of gold and commodes that converted their waste into Dom Perignon and caviar? It’s a good thing those advisers all got fired and went to jail.
Sadly, not a single one of those mountebanks were held accountable for their dubious advice. In fact, they were rewarded with million dollar bonuses and golden parachutes. Recession for the rest of us serfs, diamond-encrusted Hummer yachts for Wall Street. That almost sounds like a Charlie Sheen style of “winning”.
Not to worry huddled-around-flaming-garbage-can-masses, because the Republican controlled House has your back and will not rest until you have a new crummy job. Just let them finish redefining rape and assaulting Planned Parenthood (clearly the group responsible for they 2008 economic collapse) and they will be all over jobs bills. Well, at least ones that create jobs for those willing to commute to factories in China.