Wednesday, August 12, 2009

The Economy Nobody Wants: Eventually, It Will Be Here

But for now, the Obama Admin is delaying its arrival. Nassim Taleb, aka "The Black Swan," explains why the US economy can't recover: "incompetent leadership."

While the country may be pulling out of Recession, "Recovery" will be slow, painful, and the economy won't be like the "good old days" of the early 21st Century.

Business Insider bullets the issues from the CNBC video:
  • We're all in denial
  • We're replacing private debt with public debt.
  • We're not dealing with the cancer in our banking system.
  • We're not making the structural changes we need to make.
  • We're not being aggressive enough about restructuring debt (debt for equity swaps).
  • Bernanke is a wimpy Greenspan sycophant
  • Obama's rewarding the fools who got us here (Summers, Bernanke, Geithner)
  • The banksters are taking over again

It was fun while it lasted.

1 comment:

Investment Property said...

Good concise article. I believe that "incompetent leadership" is only part of the problem. Too much government involvement is another problem. Government should not be running our banking sector, auto industry, and God forbid, our health care industry. Let the free market fix itself – it always has.

Marco Santarelli
Norada Real Estate Investments
Your Premier Source for Turnkey Investment Property