Schäuble Warns Worst Is Yet to Come
REUTERSGerman Finance Minister Wolfgang Schäuble said the worst isn't over.
Spain Reminds Us That The Worst Is Yet To Come In Europe
Does this sound all too familiar? Take out the word “Spain” and insert the word “Greece” and the first sentence might have been the beginning of one of my market commentaries from several months ago.
Economist Provides Blueprint for Financial Survival: The worst is yet to come.
Saturday, 27 Oct 2012 10:01 PM
That’s the message coming from leading economists when asked about our country’s financial future.
Jim Rogers says we face “financial Armageddon.”
Peter Schiff said that 2008 “wasn’t the real crash. The real crash is coming.”
And Marc Faber simply says, “We are doomed.”
Here are the indisputable facts: In the last year, our nation’s credit was downgraded for the first time in history, and Moody’s recently warned of another possible downgrade in 2013.
Our national debt is nearly $16 trillion, or nearly $51,000 for every man, woman, and child in America. And, if you count those too discouraged to look for work, or working part-time because they cannot find full-time employment, the unemployment rate is 15%.
And here’s why a group of leading economists are worried: We have managed this abysmal “recovery” even with interest rates at historic lows.
Is This Really the Worst Economic Recovery Since the Depression?By CATHERINE RAMPELL
Source: Bureau of Economic Analysis and Bureau of Labor Statistics, via Haver Analytics
Dollars to doughnuts.
But here’s the punchline: This was the 33rd time they voted to repeal the Affordable Care Act.
Holding that vote once makes sense. Republicans had promised that much during the 2010 campaign. But 33 times? If doing the same thing twice and expecting a different result makes you insane, what does doing the same thing 33 times and expecting a different result make you?
Well, it makes you the 112th Congress.
Hating on Congress is a beloved American tradition. Hence Mark Twain’s old joke, “Reader, suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.” But the 112th Congress is no ordinary congress. It’s a very bad, no good, terrible Congress. It is, in fact, one of the very worst congresses we have ever had. Here, I’ll prove it:
1. They’re not passing laws.
Let’s start with the simplest measure of congressional productivity: the number of public bills passed into law per Congress. The best data on this comes from the annual “resume of congressional activity,” which goes back to the 80th Congress — the same Congress President Harry Truman dubbed the “do-nothing Congress.” But they did a lot more than this Congress: