By Grant Lawrence
I hate to say I told you so, but I told you so. I will keep telling you so in hopes it sinks in with somebody. Over the last couple of years we have been through ‘green shoots’ and a supposedly slow recovery. Well as I said often, there wasn’t any green shoots and their was never a recovery. Unless you want to call bail outs for bankers and corporations a recovery.
So the news out now is the housing market just dropped 27% in July. It probably dropped more. We know, or should know, we can’t trust government numbers.
Now many economists are beginning to rethink their double dip recessions and call the economic disaster what it is–a Depression.
The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday….The 1929-33 recession saw six quarterly bounces in GDP with an average gain of 8 percent, sending the stock market to a 50 percent rally in early 1930 as investors thought the worst had passed….(source: cnbc)
The economy is in a depression and the government has used all of its resources bailing out the big banks which means there is little for the people.