It seems amazing to live through the Great Recession of the 21st century not because it is over but because it may end up getting a lot worse. I don’t buy that great recession tag, it may be put out there to make people feel good about being part of history just like they were part of history when they voted for Obama. The problem really is that we are still in the recession and never got close to ending in the first place. Our financial system is too intertwined into the worlds economy that it may be pulled down by the same issues that the Europeans have been crabbing about since 2008 – spending.
This morning I read without too much amazement that the Germans may be a bit upset with the rest of the EU, seeing that they may be carrying the ball for Greece and Spain by helping them out with injecting some 400 euros into the EU debt crisis but you know I have this gut feeling that like our own debacle and government created recession, they may not be so lucky and we may be right there with them.
So our government, which I’m not too proud of at this moment, is thinking about another round of Quantitative Easing (can anyone say QE 3?) and another round of money to inject into our economy to spur job growth. At the same time we keep hearing the mantra of the Republican party repeated and repeated over and over – we can’t get jobs because of the “high” taxes and the regulations. In reality it isn’t that at all, it really is the same thing driving the EU into the ground, a lack of confidence in those who governor by the people.
The sad thing for many will be a worsening situation and no jobs because what ever is done, it is stepping in the wrong direction as it was since Hoover started to try to “fix” the depression – it didn’t work then and it won’t work now.
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