Crash Quotes (Running on imaginary numbers)

PAUL B. FARRELL
Megabubble waiting for new president in 2009
‘Numbers racket’ exposes potential disaster for economy, markets

By Paul B. Farrell, MarketWatch
Last update: 10:13 a.m. EDT May 20, 2008

Real numbers torture us … like water-boarding!

How bad is it? “The real numbers … would be a face full of cold
water,” says Phillips. “Based on the criteria in place a quarter
century ago, today’s U.S. unemployment rate is somewhere between 9% and
12%; the inflation rate is as high as 7% or even 10%; economics growth
since the recession of 2001 has been mediocre, despite the surge in
wealth and incomes of the superrich, and we are falling back into
recession.”

Most economists hushed, work inside conspiracy

Compare that to the phony stats Washington feeds the press and public:
Unemployment 5%, inflation 2% and long-term growth at 3%-4% (actually
more like 1%). For example, just last week the L.A. Times reported that
while “gasoline prices are up more than 20% from a year ago and food
prices have risen 5%,” Washington says “inflation was fairly mild last
month.” A Wells Fargo economist shook his head in disbelief: That
report isn’t “worth the paper it was printed on.” Most economists are
quiet, working for the conspiracy.

No integrity, they cannot be trusted to tell truth!

The same can be said of any government report, every speech made by
today’s leaders: All hype, lies and propaganda intended to deceive us.
Treasury Secretary Henry Paulson’s clearly playing the game: Remember
what the former Goldman Sachs CEO told Fortune last July as our credit
meltdown was metastasizing into a worldwide contagion: “This is far and
away the strongest global economy I’ve seen in my business lifetime.”
He has no credibility. He knew the truth. He knew the government’s
“numbers racket;” after all, he helped create the problems years
earlier at Goldman.

“the hoax becomes the conventional wisdom … not only by Washington,
Wall Street, Corporate America and the media, but also 300 million Main
Street Americans.”

“So like lemmings driven over a cliff, we’ll blindly accept the next
crashes, as each increase in frequency and intensity. Next in 2011? As
war debt piles?”

“Still, we let ourselves be conned. Why?” “The rising cost of pensions,
benefits, and interest payments — all indexed or related to inflation
— could join the cost of financial bailouts to overwhelm the federal
budget,” – “As inflation and interest rates have been kept artificially
suppressed, the United States has been indentured to its volatile
financial sector, with its predilection for leverage and risky
buccaneering” Yes, Wall Street and the rich love playing this game.

Kevin Phillips who wrote “American Theocracy, The Peril and Politics of
Radical Religion, Oil, and Borrowed Money in the 21st Century;” “The
Politics of Rich and Poor: Wealth and Electorate in the Reagan
Aftermath;” “American Dynasty: Aristocracy, Fortune, and the Politics
of Deceit in the House of Bush” and others. In his “Wealth and
Democracy: A Political History of the American Rich,” Phillips warned
us that “most great nations, at the peak of their economic power,
become arrogant and wage great world wars at great cost, wasting vast
resources, taking on huge debt, and ultimately burning themselves out.

Quotes from CBS MarketWatch Article

Blogged with the Flock Browser

Tags: , , ,

Advertisements

2 Comments

Filed under Uncategorized

2 responses to “Crash Quotes (Running on imaginary numbers)

  1. Pingback: recession history

  2. Pingback: world war 2 united states propaganda

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s