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Major Indicators Point to Trouble Ahead as Government Stimulus Continues to Fail

By: Steve Johnson

3/1/2010 - 39 Comments

Several major indicators show the economy getting much worse, just as predicted.

First, consumer confidence just registered its lowest reading since 1983 – that is 18 years ago. 

With no new jobs being created, how could it be anything but record lows? 

A lot of people don't have jobs and are beginning to worry that it could be a long time before they do.

Second, mortgage demand just fell to its lowest point in 13 years.  With millions of foreclosures hitting the market as banks begin dumping their housing assets on the market in a last ditch to survive and government programs and low interest rates coming to an end, how could housing demand be anything but dropping?

Third, state tax receipts are still falling - for the 5th quarter in a row.  States pension funds are facing more than a 1 trillion dollar shortfall and several states are soon going to face massive program cuts and tax increases as they come to the edge of complete bankruptcy – begging the Federal government to give them more printed money.

Forth, the number of problem banks just rose 27%, with over 700 banks on the FDIC troubled list.  Banks are going to being falling like mosquitoes next to a mosquito zapper.

As we move past the eye of the storm, cover the windows and get into the basement because this storm is going to rage for a long time.

The government is against the wall and completely out of ammo, as the people are beginning to rise up (tea party rallies, polls, resent elections) and realize what a disaster the government has brought upon on

The only way out is for the public to stop the government spending and then retake control of the economy, completely rejecting the welfare and victim mindset that has haunted the nation for decades.

We need to start with sound money, the opposite of the funny money we have today.  Then we need to stoke the spirit of entrepreneurship by honoring the formation of wealth and promoting the free market, the only justifiable means to motivate true economic growth.

How much longer will we wait before starting the recovery?

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