President Obama, for all practical purposes, is turning out like all of the professional politicians before him - he promised change, help for the poor and disadvantaged, but now it’s obvious that like his predecessor - the wealthy and corporations are the primary benefactors for his flawed stimulus package that the GOP is rallying to block; the economy is worsening at a frightening pace, and as the poor and disadvantaged struggle to make ends meet, Obama and his fellow Democrats are rushing to pour more money into the coffers of the banks and financial institutions.
Economists: Recession getting worse
Survey at private-sector companies forecasts greater job losses and worsening economic conditions in the months to come.
By David Goldman, CNNMoney.com staff writer- Advertisement -
NEW YORK (CNNMoney.com) — Economists expect an already deep recession to get even worse in 2009, according to a survey released Monday.
Companies will lay off more workers and hoard more cash during the next 12 months (Emphasis Added), according to the National Association for Business Economics survey, a quarterly take from a panel of economists at private-sector companies in various industries. A vast majority of the 105 economists polled believe the country’s gross domestic product will continue to sink in 2009.
If business conditions indeed worsen during the year, they will be sinking from already historic lows. The survey’s measures of consumer demand, profit margins and capital expenditures all hit their lowest-ever levels in January’s edition of the 27-year old survey. MORE- Advertisement -
For those of us who still read the MSM, there is hardly a day when more job losses aren’t reported, and the majority of economists are predicting it will get worse - and that’s likely to be an understatement. On CNN’s home page, the first items that caught my attention were more job losses, a trend that is rapidly accelerating. Home Depot is cutting 7,000 jobs, Sprint job cuts will total 8,000, and Financial giant ING is cutting 7,000 jobs. (The ING job cuts affect the US as well as it’s home in Denmark.) A CNN commentary also revealed that Caterpillar will shed 20,000 jobs, and Schlumberger will lay-off another 5,000 employees. One day of news reveals the loss of 47,000 more jobs, and that doesn’t count the bleeding that is destroying the small business sector(s). More job losses are being reported By CNN, however, it’s hard to keep up with the mounting loss of jobs that are binging on another depression - which may be far worse that the Great Depression of the 1930’s before our economy finally, if ever, recovers. .
The dire financial news keeps piling-up, and even though millions of Americans are now unemployed - a number that is far greater than is reported when you consider those who have used up their unemployment benefits or have given-up finding employment are not counted in the overall government’s figures on unemployment - thus making it far higher than reported by the MSM and government. President Obama just signed new Executive Orders which was widely televised, and he offered hope to the Auto industry, he reiterated his promise to create millions of new jobs in the coming years - but not one word was said in regard the short term, and “bailing out” families who have lost everything is evidently not on his agenda.
Yes, Obama is attempting to grant American’s another tax rebate, or “stimulus” if you prefer that language, and that makes him $200.00 better than what President Bush offered the public, which is nothing more than a band-aid on a wound so large that it will offer help for perhaps a month, and then it’s back to wondering how to feed your family and keep a roof over their heads. To add insult to injury, one of Obama’s aides have stated:
Obama aide won’t rule out more money for bailouts
By Emily Kaiser and Kim Dixon
WASHINGTON (Reuters) - President Barack Obama’s top economic adviser would not rule out on Sunday that more money may be needed to stabilize the U.S. financial system as a deep recession increases banks’ losses.- Advertisement -
House of Representatives Speaker Nancy Pelosi said earlier that “some increased investment” may be needed beyond the $700 billion approved last fall.
The bailout fund was first pitched as a way to get bad assets off the banks’ books in the hope that doing so would help restore normal lending and get the economy going.
Instead, most of the money has gone to buy stakes in banks (Emphasis added), and both Democrats and Republicans have complained that the cash was doled out with too few strings attached and insufficient oversight. MORE