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House Financial Services Grilling of Hank Paulson vs. ‘Recession Over’ Headlines
We have by now had hearings by the people’s representatives with current and former Treasury Secretaries, current and former Federal Reserve Chairmen. Next we may see the former SEC Chairman on the hot seat.
Despite the harsh rhetoric, are there ever personal financial consequences for these failures of leadership who issued sweet utterances of helpless regret while harming and ignoring the Americans they compromised?
According to their claims, bolstered by government monopoly media, none of them saw the greatest disaster since the 1929 Crash coming.
None of them admits we are in Depression, defined by a greater than 10% contraction in the GDP and increasing unemployment, 9.7% to over 20%, depending on the methodology.
This means some 15 to 30 million working Americans are currently unemployed.
This does not include many more who are underemployed, plus a falling standard of living brought on by budget and trade deficits caused by tax paid benefits to illegals and shipping good jobs overseas.
http://www.shadowstats.com/alternate_data
Until we have more honesty and integrity in government monopoly media, with less moral hazard, we will not have free markets.
At this time, the largest investment banks on Wall Street, repackaged as commercial banks to receive taxpayer aid, continue to manipulate markets with supercomputers and $200 Trillion of unregulated derivatives not marked to market.
These manipulations became known as Front-running, Laddering, Plunge Protection Teams, Super Liquidity Programs, Energy, Silver and Gold Leasing Sales far in excess of actual cash physical markets.
Bank derivative tails are wagging volatile market prices that put American citizen consumers and small entrepreneurs out of business.
So now let US address whether in fact the recession is over.
