Obama Says Us Economy Is Over Worst Of Crisis

[oracle]

i think that they us administration has pumped money into proper business.

i've no doubt that their public sector has ridden the debt wave a bit like the uk, but seeing as they have less public industry, they are perhaps less in the shit.

the uk on the other hand is state dependant, and as such in complete shit. our govt is pumping money into the completely unproductive 'knowledge' economy (which ignorantly assumes that other countries can't attain our level of worldly immense knowledgeness), as it has barely any other options, bar a major shift of policy (e.g. reopen the coal mines).

ok maybe I am being a little harsh.

we are still world leaders in some areas like surveillance technology,and media(yes that applies just as much to show like who...millionaire and dancing on stilts as it does to "perception management")

[Guest spp]

"One year later, it is largely thanks to the Recovery Act that a second depression is no longer a possibility,” the president said.

All they've done is throw a load of debt at the problem....christ a 4 year old could do that and say it's a success in the short term.

It's easy to spend money but paying it back is a whole different thing.

but i'm sure the sheeple will be back to chanting "yes we can". What a joke!

[Bruce Banner]

"One year later, it is largely thanks to the Recovery Act that a second depression is no longer a possibility,” the president said.

I was watching his address, live on Bloomberg, and nearly choked on my coffee when he said that. A unbelievably overconfident statement from a man in his position . Any respect I may still have had for him evaporated in that instant.

[gasket37]

State budgets are technically bankrupt in about 12 states.

i've heard/read somewhere that **every** state bar Montana and North (might have been South) Dakota are bankrupt.

sorry - can't remember the source! (Mish on howestreet.com?)