Tuesday, January 12, 2010

Why There Will (Still) Be No Recovery

by T. Doom Pickens

So, what has happened in the ten months since last March to change my outlook for economic recovery? Nothing at all, in fact it has only been reinforced by subsequent actions of our lawless, irresponsible representatives and the administration in Washington. In all the current, secret proposed legislation, whether it be health care, stimulus, carbon tax or other "reforms" at every turn the small business employers and entrepreneurs can only see taxation, punishment, debt, regulation and corruption, so they will continue preserving their assets in "bunker mode" until people who actually know something about what it takes to generate jobs and economic revival gain control of the government and stop waging war on the private sector and American prosperity.

We see how the so-called "stimulus" packages have had zero effect except to put our grandchildren in debt and are nothing more than Democrat slush funds to be used to political advantage at taxpayer expense. We see how politically connected companies like Goldman Sachs can recover 100% on the dollar at taxpayer expense through government laundering operations like AIG, they see the government actually sanctioning false SEC filings to cover it up, and now that the so-called bankers have apparently decided they deserve gigantic paychecks for simply borrowing money from the Fed for free and loaning it risk-free to the government instead of the private sector, intelligent businessmen have already taken their haircuts and decided they will not participate in the corrupt financial sector even if the banks DO decide to become real bankers again.

We know the gaming table is rigged and we refuse to play. We will not borrow, we will not invest, we will not spend and we will not hire... thus there will be no recovery and my prediction is for another retraction this Spring and core unemployment, even by the government's padded numbers that do not include those who have given up looking for work, will be north of 12% by year's end.

See you this Fall...