While the evidence continues mounting for an oncoming state debt crisis, Chairman Bernanke went on 60 minutes last night to admit there is no way to get out of the recession within in the next 4 years and the limited growth seen now is likelyunsustainable possible leading to another recession.
It could be four or five years until we are back to a normal unemployment rate at 5 or 6%
When someone as dishonest and manipulative as Bernanke is finally admitting the reality, you know it's becoming increasingly difficult to sweep the bullcrap under the rug.
But beyond the future let's look at the present and the present truth - THERE IS NO RECOVERY.
As the former OMB Director illuminates, the middle class jobs lost are being replaced with part time low skill jobs. This is not a recovery or sustainable, it's treading water as the rest of American industry is bleed out of the country and replaced by foreign competitors.
The lack of a recovery and any real plan to get jobs back in America means when the stimulus, and money printing runs out and America crashes back into "official" recession there will be even less to come back to.
This is what decline looks like. A result of having a fictitious FIRE economy where people make paper instead of things. Burn baby, burn.