Can Obama Save Us from the Next Great Depression?
Can Obama Save Us from the Next Great Depression? 10:24 PM Barron’s Jim McTague says that even with the $819 billion stimulus package that was just passed, we are still in for a very rough ride in this economy, as the banking system still needs to be saved. Is an aggregator bank the solution? President Obama’s July 22nd presidential news conference amounted to largely incomprehensible answers from softball press questions. Obama began by congratulating himself for pulling “our economy out of the brink” with his massive stimulus legislation. He conveniently omitted the fact that the Obama administration – after Obama himself repeatedly fearmongering the economy by repeatedly comparing it to the Great Depression – claimed that unemployment would not rise above 8% if his stimulus passed. He was so incredibly wrong it is absolutely unreal: it is now around 10%, and respected Wall Street analyst Meredith Whitney is on the record predicting 13% or higher unemployment. Sources:
