Some truth re: the US economy

Thanks for your emails Mark,

I listen to MSNBC/ stock market and constantly hear how GREAT the US economy is doing. What are those guys smoking? It’s just like you forwarded. The media, like a futuristic horror movie, keeps telling the public everything’s wonderful. Meanwhile, everyone I know can’t
pay their bills and are losing their houses. It’s just so sad. People have given up. What will ever stop this onslaught of strangling the American public economically and democratically.

Thanks for what you do.

Melanie G
Florida

Greenspan `Made a Mess’ and
U.S. Risks Recession, Stiglitz Says
By Reed V. Landberg and Paul George

Nov. 16 (Bloomberg) — Joseph Stiglitz, a Nobel-prize winning former
World Bank economist, said the U.S. economy risks tumbling into
recession because of the subprime crisis and a “mess” left by
former Federal Reserve Chairman Alan Greenspan.

“I’m very pessimistic,” Stiglitz said in an interview in London
today. “It’s not just the housing sector. Over the last five to six
years our economy has been bolstered by the real estate sector.

“Americans have been taking money out of their houses to finance a
consumption binge,” Stiglitz said. “Last year alone mortgage equity
withdrawal was between $850 billion to $950 billion. That game is
over.”

Read more.

Leave a Reply

Your email address will not be published. Required fields are marked *