This is a Depression....we are not in some kind of "jobless" recovery, as all the talking heads on tv are trying to SPIN it as.
No, this is a DEPRESSION...
There, I said it! Politicians WILL NOT use that word because they KNOW it would mean their ASSES would be out, nevertheless, it's a DEPRESSION we are already in!!! The Media will not use the word because they do not want to be cut off from their newsleak allies, the politicians. Any newscaster using the word "DEPRESSION" to describe these economic times will most likely NOT be INVITED to cover future newsconferences where the liars (politicians) and the spinners (Media Whores) get together. The term "jobless recovery" is just the newest catch phrase to "SPIN" the news while yet allowing the INCUMBENTS to keep their cushy jobs and maintain the "status quo"....the media plays into it because if they did not their reporters would get excluded from the press conferences and next "SPIN SESSION"...NO ONE WILL BE USING THE "D" WORD (Depression) EVER, even if unemployment goes to 20 or 30 percent....to use the D word while you're in office would be POLITICAL SUICIDE!!!
In many states unemployment is ONLY at 10 to 14%!!! But that is ONLY BECAUSE the statisticians DO NOT COUNT those Americans who are out of work whom have run out of Unemployment Benefits. They figure those folks have "given up trying to find work". WHO IN HELL made that rule? What about all those people? Did they just vanish? Vaporize? They do not get hungry anymore? Why won't the media use the word DEPRESSION??? As for illeagal aliens, there are probably millions of them that are unemployed as well, and even though they are in this country illeagally, if they are here they should be added to the unemployment count, just so we know how many PEOPLE are REALLY out of work. Their presence here will affect the recovery if and when it occurs.
Did you ever wonder WHY they do NOT COUNT people who have run out of UE Benefits nor people whom have given up trying to find another job??? It is BECAUSE THEN they would HAVE to use the "D" word to describe the economic picture we are living in.Using the word Depression is not a good word to use if you are an incumbent, ESPECIALLY if the situation developed WHILE you were in office!!! That's why you are not going to hear that this is a DEPRESSION... the people in power will not allow it...if in the 1930's they ONLY counted those as they do today, THERE NEVER WOULD HAVE BEEN A "DEPRESSION" Now we have the SPIN DOCTORS who will help keep the politicians from facing what MILLIONS of Americans are dealing with on a daily basis.....
Watch for the next market collapse after Friday, Aug 6th's "July JOBS Report" comes out!!! I might be wrong, but, has anyone heard of any mass hiring being planned? Any moderate hiring? Any spotty hiring? No jobs, no economy....
I heard it wisely stated once that a Recession is when your neighbor is out of work,
A Depression is when YOU'RE out of work!
I apologize for any spelling or grammatical errors, but, you get my point.
Thanks for listening!
Disclosure: long Citigroup and BAC, No position in JPM nor GS