It is not that bland or myopic for me, for all I really see the President as is a job description. One that has on the first line, the ability to be deceitful and masterful in the art of double speak via lies, misinformation or silence. Obama and the rest of the folk on Capitol Hill and Wall Street are not being honest with us, the American populous. They tell us that things are ok, that the economy is improving but the reality is that it is not.
Both the Treasury and the Federal Reserve were and are well aware of the troubles which the nine big banks in America face yet feel obligated to tell us otherwise, that the banks are in good shape, improving and that the $125 Billion we gave them has proved successful – not. The reason why I suspect is because these banks and lenders can’t collect on more than 20 percent of their loans, most of which are (non current) 90 days overdue. We have had almost 100 Banks fail thus far this year (which I predicted last year) and a 41 percent increase in personal bankruptcies over the last 12 months. The FDIC even projects more than 400 banks may fall as well. And these are not the Wall street folk, but the folk who be putting cash into mainstream
Moreover, when we loose 16K to 67K in jobs on a given day as some papers have documented, things are not getting any better soon (next 3 years). It’s not a good sign. For me, when I see companies cutting 20% of their work force, it tells me about the future, and a future that is one of reduced sales and profits. I also know that the number is paraded out in front of me as the national unemployment rate as if it was in the Rose bowl aint the true value (as we stay in statistics when we speak of error). The model used by the Bureau of Labor Statistics attempts to estimate new job formation caused by the birth and death of businesses and as a result added more than 900,000 jobs when the compute overall unemployment. Which tells me that the true figure may be 20 percent or more?
We lost 263,000 jobs in September making by government number, more than 15 million unemployed since last December. Now I won’t ride the President for trying to get the Olympics, albeit he should have known that there has never been one in