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Ron Paul San Francisco Speech – (9/4/2010)
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U.S. ‘Consumer is TOTALLY Wrecked’: Davidowitz
U.S. Economy Caught in Depression, Not Recession: Rosenberg
CNBC
August 24, 2010
Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.
Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.
But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.
Rosenberg calls current economic conditions “a depression, and not just some garden-variety recession,” and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered “euphoric response.”
“Such is human nature and nobody can be blamed for trying to be optimistic; however, in the money management business, we have a fiduciary responsibility to be as realistic as possible about the outlook for the economy and the market at all times,” he said.
The 1929-33 recession saw six quarterly bounces in GDP with an average gain of 8 percent, sending the stock market to a 50 percent rally in early 1930 as investors thought the worst had passed.
“False premise,” Rosenberg said. “And guess what? We may well be reliving history here. If you’re keeping score, we have recorded four quarterly advances in real GDP, and the average is only 3%.”
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US lawmaker calls for sanctions on China, Russia
AFP
August 3, 2010
 Congresswoman Ileana Ros-Lehtinen (R-Florida) |
The United States should immediately impose sanctions on Russia and China under a US law that punishes major investments in Iran’s energy sector, a senior US lawmaker said Monday.
“It’s time to implement our sanctions laws and demonstrate to Russia and China that there are consequences for abetting Tehran and flouting US sanctions,” Representative Ileana Ros-Lehtinen said in a statement.
Ros-Lehtinen, the top Republican on the House Foreign Affairs Committee, said firms run by the Russian and Chinese governments had invested “huge sums” in Iran’s energy sector, “effectively bankrolling” Tehran’s alleged nuclear weapons program and its backing of Islamist groups.
She did not offer details, but US officials have noted that Chinese firms have been stepping in to fill the void left by companies leaving Iran because of UN and US sanctions.
“Russia and China appear determined to continue to facilitate Iran’s dangerous policies. This must not be allowed to continue without serious repercussions,” she said.
Her comments came as a top US State Department official, Robert Einhorn, was on a trip to Asia set to include a stop in Beijing to press China to fully enforce sanctions on Iran.
China has invested around 40 billion dollars in the Islamic republic’s oil and gas sector, but Chinese imports of Iranian oil fell in the first half of 2010, a senior Iranian official told Mehr news agency on Saturday.
In 2009, China became Iran’s premier trading partner, with bilateral trade worth 21.2 billion dollars against 14.4 billion dollars three years earlier.
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