We are Experiencing a 1930s Style Depression

Image by Mike Licht, NotionsCapital.com via Flickr

By Grant Lawrence

Bodhi Thunder

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.

But we should have followed a New Deal type Depression era program to get America working again. Instead Americans were scared of socialism for themselves, but approved of Socialism for the rich. We followed a Raw Deal type of program in which the money was sent to bail out the super rich from their risky investments and bad business decisions. In the end, the people have been bankrupted for the banks. The people didn’t seem to care because they were afraid of Socialism.

So as America argues over mosques and whether President Obama was born in the US, the country is facing catastrophic economic circumstances. This calls for real leadership. Instead we will get the same old, same old hashed out by our corporatocracy.

If you don’t like this Democratic puppet, try this Republican puppet. They are controlled by the same marionettes but they focus on wedge issues which have nothing to do with getting America back to work and ending the rule by the private Shadow Government.

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