World-News

The Year of Cockeyed Optimism

"The foundations of our economy are strong"

By Mike Whitney

Consumer spending is down, housing is in a shambles, and industrial output dropped at an annual rate of 20 percent, the largest quarterly decrease since VE Day. The systemwide contraction continues unabated with with no sign of letting up.

http://informationclearinghouse.info/article22435.htm



The Crisis That Could Bring Down Obama

By Ruth Conniff

The President, understandably, points to signs of hope and encourages Americans to be optimistic about the economy. But when do we move from healthy confidence to a confidence game?

http://informationclearinghouse.info/article22439.htm

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The bailout is a fraud that could bring down Obama

AlterNet
by Ruth Conniff

04/23/09

Goldman Sachs reports better-than-expected profits this quarter. Wells Fargo cleared record profits last week. The President, understandably, points to signs of hope and encourages Americans to be optimistic about the economy. But when do we move from healthy confidence to a confidence game? The banks are reporting profits thanks to massive infusions of taxpayer bailout funds. It’s simply silly to be lulled by cheery-sounding reports when the institutions are actually insolvent. At some point we have to take a clear-eyed look at the massive failure of our financial system. Ignoring it won’t make it go away...

http://tinyurl.com/dbwrd3


Informant: Thomas L. Knapp



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