Today, Fed Chairman Ben Bernanke said "We don't have a positive lead why the economy is growing so slowly." I think he was accidentally reading from his resignation letter. What kind of fool would say a thing like that, followed by "Trust me, I know what I'm doing."? I have a hard time understanding why Americans haven't demanded a recall election for Obama and his administration. What a pack of bumbling idiots.
I have a five year high school diploma, and I drank myself out of several good colleges, so I am amazed that I apparently know more about economics than all these Hahvahd grads.
The economy is growing so slowly, or in layman's terms, not at all, because of a lack of manufacturing. An economy, weather local, state or federal, needs to produce a product that is needed or desired by other economies in order to BRING IN MONEY.
In my local economy, we rely on the government to send in money, because we have a large military base. For a secondary income, we rely on sunshine, because we have a small strip of beach that people in other economies, those who PRODUCE something, like to come visit for a brief break from their productions. Now, because our federal government has made it beneath Americans to actually manufacture goods, those other economies are not bringing in dollars, and our local economy is dying as a result.
We still have the base, and that does bring in some money. The Marines stationed here used to spend some of their money on a product we used to make here, houses, but that brings me to point 2.
The economy is growing so slowly , or not at all, because of the artificial inflation of housing prices.
In the 1990's, Bill Clinton and his evil minions, decided to bastardize the American Dream. They began by mis-interpreting the dream, which was that every American family should OWN their own home. Clinton and friends decided to pass around the myth that every American, regardless of income, should qualify for a mortgage. When bankers rightly balked at this stupid notion, first the Clinton regime called them racists, and then they created a government entity that would "cover" the mortgages the banks made to "unqualified" borrowers. After implementing this "plan" they then went on to tell all Americans to go buy a house. I made a lot of money in those days; unfortunately it was stolen, and I didn't want to be in possession of stolen goods, so I spent it all in wasteful ways.
When a large amount of shocked borrowers found they could get a mortgage, they found out about equity. Equity is a bankers term that means the difference in what you owe, and what the property is worth on the "free" market. And bankers, not as wise as their evil forebears in old Western movies, let it be known that they would loan more money to unqualified borrowers based on "equity." So people started using their homes, their "American Dream, like an ATM machine. You need more money? Want a boat? A motorcycle? A swimming pool? Come on in and see what your house is worth today.
Back in the old days, the only way to get equity in a house was to make payments. In 2007, you could get equity because an appraiser said your house was worth more money. No chance for corruption in a system like that. Thanks to Bill Clinton, and Barney Frank, Chris Dodd, and some other major players, a lot of Americans who were only dreaming, had to leave their homes, along with their boats, motorcycles, and swimming pools, because they couldn't sell. People, including bankers, finally realized that their was no way these homes were actually worth money. People discovered that mortgaging a house and owning one were two entirely different things, and only owning a house free and clear was the real American dream. But by then, they were already "upside down" in their mortgage, and their only choice was to walk away. For some, this was a tough thing to do, and I feel for them. Except for not paying attention in school, they really hadn't done anything wrong. But for many others, they simply had a big "house" party, destroyed the banks house, and left with what they could carry. They basically looted their own homes.
The economy is growing so slowly, or not at all, because of stupid and in many cases, illegal, tampering with the free market system by dopes like Ben Bernanke and Barak Obama.
Barak Obama has pushed, prodded and basically shoved down our throats, the biggest job killing legislation in the history of this country, and he did it at a time when jobs had already been massacred. There is absolutely no doubt in my mind that ObamaCare is keeping me from making money. But on the other hand, the fear of complete anarchy is causing millions of people to want backyard chickens, and in the past three years, I've gone from building million dollar luxury homes to building chicken coops and rabbit hutches, so its not ALL bad news.
Many small businesses, mine included, aren't hiring people because they are afraid that they'll lose money that they are going to need for themselves. In my chicken coop business, I do all of the work myself, and if I have to have help, I use the strong back of my wife to help me, just like we were pioneers in 1750 North Carolina Colony instead of entrepreneurs in 2011 North Carolina State.
Ben Bernanke has used the Fed to print another trillion dollars and put it into circulation, causing what little money I get my hands on to be worth about 60% of what it was LAST year. I don't know the legal reasons behind this, but morally, its completely wrong. In tight times like these that really amounts to a tax increase, which as we all know kills jobs.
If Obama and Congress and the rest of government would just go on vacation, we could fix the economy in a month by tearing up everything they've done in the last three or four years. It really doesn't take as much thinking as they seem to put into it.