First, refer to the U.S. Government’s GDP figures for 2007 and the first three quarters of 2008. Does this look like recession to you?
Two graphs published by the Minneapolis Federal Reserve Bank of Minneapolis provide further reenforcement to the contention that the current Money Riot has been caused by Henry Paulson waving the bloody shirt of “depression” before congress last September, a gullible public and a press eager to discredit President Bush. See my earlier article: Bent Reality Produces Fake Crisis”
Does this look to you like the start of a “Great Depression II”?
These graphs illustrate that the alarm and panic are of recent origin. Why was the recession backdated to Nov. 2007? Was it even a recession before the Paulson/Bernanke congressional performance?
See also the net employment statistics illustrated below — showing a drop in employment, mostly by large organizations in clear anticipation of crisis. The number drops abruptly in October and November. Paulson’s alarm was sounded in late September. So did his shrill alarm cause this obvious panic? The chart below illustrates the scared reaction of (mostly large, bureaucratic) companies anticipating a terrible recession or even depression.
Congress needs to get a grip and stop the riot now, before we spend ourselves into hyper-inflation and destroy the entire economy through hyper-regulation by hyper-ventilating politicians and depression zombies.