Facts and Figures on why this recovery is a mirage

Comment:

Most of the alleged growth is coming from transfer payments, which in turn, are being financed by money printing. It is all smoke and mirrors.

Published on Zero Hedge (http://www.zerohedge.com)

Home > David Stockman's Non-Recovery Part 3: Borrowed Recovery On Borrowed Time

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David Stockman's Non-Recovery Part 3: Borrowed Recovery On Borrowed Time

By Tyler Durden

Created 06/19/2013 - 19:59

Following Part 1's exposure to the faux-prosperity [1] of the post-2009 'recovery' and the precariousness of the Bernanke bubble, Part 2 of the series explained the dismal internals of the jobs numbers [2] the utterly politicized calculation of the "unemployment rate" that disguises the jobless nature of the rebound (as breadwinner jobs languish). In Part 3, David Stockman (from his new book "The Great Deformation") [3] starts an explanation of the why. As he notes, the Fed's post-crisis money-printing polices gifted Wall Street speculators, as intended, but they also delivered an utterly botched recovery on Main Street. The reason the Main Street economy refused to follow the Keynesian script, however, could not be found in the texts of the master or any of the vicar's uncles. The Keynesian catechism has no conception that balance sheets matter, yet Main Street America is flat broke, and that is the primary thing which matters.

• Ben Bernanke
• fixed
• Gross Domestic Product
• Main Street
• Meltdown
• Personal Consumption
• Reality
• recovery

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Source URL: http://www.zerohedge.com/news/2013-06-19/david-stockmans-non-recovery-part-3-borrowed-recovery-borrowed-time

Links:
[1] http://www.zerohedge.com/news/2013-06-17/david-stockmans-non-recovery-part-1-post-2009-faux-prosperity
[2] http://www.zerohedge.com/news/2013-06-18/david-stockmans-non-recovery-part-2-crash-breadwinners-and-born-again-jobs-scam
[3] http://www.amazon.com/The-Great-Deformation-Corruption-Capitalism/dp/1586489127