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Economists Need to Sit Down and Shut Up

I’m really sick and tired of these economists out there who continue to claim that America will not enter a depression. These are the same bozos that have yet to acknowledge the fact that the U.S. is in a recession and has been for several months now. 

In fact, as I have previously mentioned, I can make a very strong case that the U.S. has been in the early stages of a silent, modest depression for at least two years; at the very least a protracted recession masked by credit. After the appropriate adjustments have been made for GDP, the U.S. economy has had no more than 3 to 4 quarters of GDP growth since 2005.
Thus far, we have seen drastic emergency interventions by the Federal Reserve and U.S. Treasury – measures not taken since the Great Depression. Thus far, we have seen the failure of the sixth largest U.S. bank – Washington Mutual, representing the largest bank failure in U.S. history.

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