I have often wondered why the experts tell us that the recession was over in 2009 and now warn us of a possible second one. Obviously with unemployment hovering at just below 10% food stamp recipients at an all time high and unemployment benefits running out, the recession isn't over.
It finally occurred to me that what the experts are referring to is the Wall Street economy.By their reckoning, if the stock market is healthy, then so is the economy. So what we have is a classical double standard.
One economy prospers with cheaper goods made off shore by inexpensive labor. Stocks are healthy and dividends are as well. Those that have retirement funds like 401K, and other like types of investments are doing just fine.
On the other hand, the bulk of our population that doesn't live on investment income is suffering. Homelessness is on the increase, foreclosures are still high and with the large inventory of either new homes unsold or bank owned, are causing the real estate market to stay flat.
The construction industry, that fostered a huge amount of employment for the workers in their 20's and 30's is dead. Manufacturing is at a low point due to consumers not having the income to purchase goods made in the Orient. The experts that do not take into consideration the state of the consumer economy are now warning that a second recession is possible. It ain't. It is still the first one.
What we have is Wall Street versus Main Street. It would appear that Free trade isn't all that free.
PS: One Shot At A Time -- 5.24.13
1 hour ago