Obama Says It’s The “Recovery Summer” But The Fed Says It Will Take 5 Or 6 Years
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“I wonder if President Obama reads the same data as I do? Aside from the fact that the numbers the White House presented are false, the data are revealing the beginning of an economic slowdown which are clearly contra to the Administration’s claims that the economy is growing. The Fed is clearly worried as shown below in the minutes of its June meeting. In fact they expect years of slow growth. I wonder if Mrs. Romer talked to Chairman Bernanke before she boasted about her fake numbers?”
“I’ve been noticing that a lot of economists are now jumping on the slow growth bandwagon. As usual they look at yesterday’s data and guess what’s going to happen tomorrow. As most economists are either Keynesian, Monetarists, or Neo-Classicists, I don’t believe they have yet to grasp the negative implications of the inefficacy of government stimulus and the Fed’s attempt at quantitative easing.”
“I have been writing about the potential of a second half decline since last year and I believe the numbers are bearing me out and for the exact reasons I have been predicting. I don’t claim omniscience, I may be just confirming my own biases, or perhaps it is just luck, as Nassim Taleb would say, but it certainly fits into the framework of Austrian theory.”
