ECONOMIST FOR INVESTMENT FIRM GLUSKIN SHEFF SAYS U.S. ECONOMY IN 1930s STYLE DEPRESSION

by Bill Baker, J.D.
Editor and Publisher, The San Bruno Beacon

For the past several months I have been using the word "depression" to describe the current economic conditions in the United States. I am not alone in stating that the United States is now in the midst of an economic depression. Economists are now starting to come to the obvious conclusion that we are in a depression and, that from an economic standpoint, things are getting worse and not better.

In an August 24th CNBC article titled, Economy Caught in Depression, Not Recession: Rosenberg; Gluskin Sheff economist David Rosenberg was quoted as saying, "Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression".

This article also observed that Goldman Sachs and JP Morgan have slashed 2010 GDP projections to the 1.5% to 2% range.

We also know that the U.S. housing market is collapsing with home sales for July 2010 falling to their lowest level since 1995. According to the National Association of Realtors, "Sales of existing homes in July tumbled 27.2% from June levels and were off by 25.5% from July 2009".

The Obama Administration and the Democratic Congress have made a bad economic situation worse. Democrats at the Federal, State and local levels of government are destroying the United States. The sooner that all Americans recognize this fact and use the political-legal process to purge all government entities of this cancererous political party and their corrupt allies, the sooner we will be able to start healing the United States.