This is no ordinary recession like so many would have you believe, says Scott Bleier of Create Capital. It is time to “get real” and stop believing all the “catch phrases.”
“There is no ‘double-dip,’ there are no ‘green shoots,’ there was no recovery,” he says. “There are simply segmented pieces of the economy muddling along and getting better or staying the same.”
Been reading some Tickers have ‘ya?
Oh, Scott has an interesting view that I seem to have read somewhere else on what we need to do to fix it too….
He says we have to address what got us into this crisis in the first place, which is a nation overly leveraged in the real estate market. Banks are brimming with toxic assets, and until those are completely written off — not “papered over” — the U.S. won’t see a recovery, he believes.
Another reality check: Near 0% interest rates are destroying and “stealing” the wealth of this county, Bleier says. “We cannot pay the bills because a lot of the bills are paid with the interest [of investments]. We are eating the principal going on two years now.”
That’s pretty much my thesis and has been since 2007, when I started writing this thing.
To see it go “mainstream” is interesting.
If Scott came up with this on his own, it’s refreshing. If he didn’t, that’s fine too – that it’s gaining “mainstream acceptance” is what’s important, not how we get there.
There’s only one small problem with all the resistance and delays that have taken place thus far: We blew $4.5 trillion on trying to prop up the banks and avoid reality, and even if we change course now and “get real” THAT MONEY IS STILL GONE!
May the voters recognize this and appropriately punish the guilty at the Ballot Box, and may we see politicians start speaking TRUTH and committing to CUTTING THE CRAP before we head to the ballot box in November.
Discussion (registration required to post)