There's an old saying, it's a recession when your neighbor loses his
house job, a depression when you lose yours. Americans are losing houses, jobs, incomes and their middle class status in waves and have been for some time but Federal Reserve Chief Ben Bernanke grudgingly admitted yesterday "we might be in a recession." Hold the presses folks we have breaking news!
The Bush people are taking great pains to avoid admitting the economy is in the tank. Piled upon bad news from Iraq, increased numbers of those who are uninsured, record foreclosures and tight credit markets, they fear the weight of all these issues on the voting populace come November.
Here's a news flash: the voters already know we're in a recession. They're the ones who have seen the real wages decrease over seven years of failed trickle down policies, they're the ones losing their jobs and their homes. They are the ones who are losing home equity due to a rash of foreclosed homes in their neighborhoods.
The arrogance of those in power these past seven years is staggering and one of the causes of our ennui. Everything was deregulated and nothing enforced. Markets ran wild and the rich got richer while the poor got poorer. Millions of middle class people fell into poverty under George W. Bush because they were more focused on gay marriage than their own financial stability. These people have awakened the hard way, asleep in cardboard boxes under bridges and more are on their way.
It's nice that Bernanke has realized "it might be a recession."