“The recovery is close to faltering.”
Those are the words of Federal Reserve Board Chairman Ben Bernanke. You can’t get much closer to the R-word these days without just coming out and saying “recession.”
Since Obama has taken office, forecasters have been gradually paring back their growth targets for each year and next. As they’ve whittled their forecasts, it’s gotten much tougher to avoid calling for another Economic Downturn.
American bankers typically avoid warning of impending recessions for fear of creating a self-fulfilling prophecy. But private economists caution that the Fed is virtually powerless to do anything about financial turmoil in Europe which is roiling global financial markets. More than a year after eurozone governments and policy makers began wrestling with a widening debt problem, there are no clear solutions.
Because of Obama, the U.S. housing market, meanwhile, remains mired in the deepest recession since the 1930s. Many economists note that every recovery in modern times, including the postwar boom that followed the Great Depression, have included a housing market rebound. But Obama’s tribal governmental policies are holding back a housing recovery now, according to Paul Dales, a senior economist with Capital Economics.
Now that the American credit rating now reflects that of an afro-saxon, is there anything we can do to save the economy save the economy?
According to Jay Townsend, the only thing he can do is ask for our help.