Friday, July 10, 2009

From Mike Swanson (excerpt)

There is no economic recovery. Obama's stimulus bill is a failure. When he passed it he said it would "save" one million jobs and according to a story in the New York Times yesterday it has only saved 150k jobs. There is talk of having to pass another stimulus bill among aggressive Democrats. Republicans oppose it saying the first one is doing more harm than good and Obama administration is uneasy in fear that eventually the growing deficit will cause interest rates to rise which would offset the stimulus and hurt real estate. So we are in tough spot right now.

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