Saturday, April 10, 2010

Ignoring the Good News?

Greg Hunter,
I heard Jim Cramer of CNBC say last night people are “ignoring the good news.” I say when it comes to the mainstream media, just the opposite is happening. The folks at the financial news networks are especially good at ignoring the bad news even though they should know better.
For example, we have been told non-stop that we are in a “recovery.” We are clearly not. Want proof that we are not in a “recovery?” Just two days ago, Fed Chief Ben Bernanke said, “We are far from being out of the woods.” According to a Bloomberg story, in a recent speech in Dallas, Texas, the Fed Chief was hardly trumpeting a huge turnaround for the economy. Bernanke said, “. . . the U.S. faces hurdles including the lack of a sustained rebound in housing, a “troubled” commercial real estate market and “very weak” hiring.” (Click here for the complete Bloomberg story.) Why is the Fed Chief, all of a sudden, not beating the “recovery” drum? I think someone figured out that if they keep talking up the “recovery” and that does not happen, then the Fed will lose major credibility.
Sure, the economy looks like it stopped falling, but you have to keep in mind we spent trillions of dollars just to get to where we are now. Taxpayers bailed out everything from car companies to insurance companies. ALL the big banks got taxpayer charity, and the best we can do is bottom bounce?
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