“The stuttering attempts to repair the banking and lending mechanisms so far by the new administration suggests that by late 2010, the specter of a second dip into recession will be looming large,” said Merrill Lynch economist Sheryl King.
U.S. rescue efforts may risk double-dip recession
Posted in * Economics, Politics, Budget, Economy, Office of the President, Politics in General, President Barack Obama, The 2009 Obama Administration Bank Bailout Plan, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The National Deficit, The U.S. Government, Treasury Secretary Timothy Geithner
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The S&P;500 is already down 22% for the year in just the last 60 days.
Double-dip may be optomistic! Socialism, and make no mistake, we are fully engaged in socialist practices now, is no friend to business. Expect an acceleration of more of the same in the near term…at least until the next election cycle.
Shades of the 1920’s – 1930’s with one difference. Banks were allowed to fail if they didn’t have the resources. They even declared bank holidays back then. The US government didn’t have the money to bail much of anything. And wonders of wonders the party in power was the Democratic Pary.