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Old 10-08-2008, 09:34 AM   #1
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Join Date: Sep 2008
Posts: 28
Default Recession 2008 – depression 2010.....never believe the banksters!



"...Even now, there are only a few economists who are willing to recognize that we are in a Recession. Most are afraid to even mention the word and none are calling for a Depression, while all were predicting a strong second half of 2008 while most have shifted that to 2009.. DON’T YOU BELIEVE IT.
Where are the numbers that justify my call that the Recession started in the 4th quarter of 2007 or Jan 2008? First of all, tell me what you think the real inflation numbers are; 7%, 10%, 12% 15% or is it 20%- take your choice but please do not tell me you believe the government’s numbers. For simplification purposes, let’s pick a modest 7% inflation and use the 2% or was it 3% government’s GDP growth rate for the 1st qtr. In real terms, that represents a negative GDP growth rates of 4%. Just recently they reported to everyone’s surprise, strong growth for the 2nd qtr. Surprise, surprise - the higher the real inflation rate really is, the higher will be the stated growth rate if we continue to use ridiculously low inflation rates in calculating growth. We have been in Recession for over 9 months now and its getting worse at an accelerating pace.. I have been warning you all along that the Bail-outs will not work for the simple reason that they are not addressing the problem. Mortgages are not the problem; they are the EFFECT of the REAL PROBLEM of a “Massive Oversupply of Overpriced homes” and everything they have been doing (such as attempting to prop up house prices) up to and including now is making matters worse because they are doing everything in their power to preserve the problem. Go back and re-read my past letters. ..."

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