August 4, 2009
source: Washingtons Blog
In the real economy, unemployment is at Depression-era levels (see this, this and this).
In the real economy, bank loan loss rates will be higher than the Depression.
In the real economy, government revenue is at its lowest level since the Depression, and most states are on the verge of bankruptcy.
In the real economy, the world economy is crashing faster than during the Depression (and see this).
But in the make-believe world of the government and the financial giants, the recession is over.
How do they do it?
Well, as I noted a couple of days ago, the boys use:
- High-frequency trading, program trading-based frontrunning, and other computer-based manipulation of the markets
- Creation and manipulation of bubbles
- The Plunge Protection Team
- Intervention in the gold, currency markets, and bond markets
- Bear raids, naked short selling, and credit default swap holders driving companies into bankruptcy
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