No one is exagerrating the state of the U.S. economy. Just look at these headlines from this past week alone:
*Largest Bank Failure in U.S. history
It was absolutely not the largest bank failure in US History and it was precipitated by a Dem Senator being a complete nimrod. Moreover, the do gooder crowd forcing loans down the banks' throats with garbage like CRA and risky mortgages is effectively death for big thrifts in downturns of this nature. Largest is also in a nominal dollar comparison, not an real dollars. This downturn is projected to see roughly 150 banks fail. The last one saw 800+ banks fail. Single large banks failing are nowhere near as problematic and large numbers of smaller banks failing.
*The dollar a record low against the Euro
that's a mighty large sample you have from which to call something a record. It's akin to me recording my high score after one game and calling that a record.
*Oil prices at an all-time high
Bubble gum is at an all time high as is per capita income. Why is that not one of your "headlines?"
*Looming 5 trillion bailout of Fannie Maye
This is an outright lie. There is no $5 trillion bailout of anything happening. The GSEs are paying the piper for providing massive liquidity into the home mortgage market. Much of that liquidity needed to be curtailed long ago, but the universal home ownership bug is rooted deep in the clowns running those shops.
*General Motors for the first time in more then 80 years is not paying a dividend on it's stock, and announces more layoffs, plant slowdowns.
This is because their piss poor management and bowing to unions over the past 40 years is finally coming home to roost. They have been uncompetitive for years and this is the eventual to all companies unwilling to innovate and adapt to the market forces that dictate in their space.
*Looming 90 trillion shortfall in social security
this one might have some legitimacy, but I'm not doing the homework to prove your lunacy. Sounds like a massively inflated number, but either way, cut the program back and tell people to expect to fend for themselves when they reach 75.
