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Report Concludes Recession Began A Year Ago
But the White House and the corporate media consistently
continued to state otherwise
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A new report by the National Bureau of Economic Research has concluded
that the US economy slipped into recession in December 2007, a
full year ago.
The NBER's business cycle dating committee, considered
the arbiter of US recessions, said its members met by conference
call on Friday and concluded that the 73-month economic expansion
had ended, CNBC
reports.
December 2007 saw a sharp increase in unemployment.
In the following months payrolls and consumer spending have continued
to fall, followed by a contraction in gross domestic product in
the third quarter.
While some investors and financial institutions
recognised the slip into recession, the White House, and by proxy
the corporate media, continuously refused to acknowledge the reality
of the situation.
Back in February, Infowars
reported that former chief economist of the World
Bank, Joseph Stiglitz, declared the US economy already in recession.
The Nobel-prize winning economist also cited the
$3 trillion cost of the Iraq war as a key factor in the economic
downturn, saying it had increased the budget deficit and consumed
resources that would otherwise promote growth.
In contrast, the
president had stated one week before that the war
in Iraq had no bearing on the economy and that the fundamentals
were sound.
In March Infowars
reported that more leading economists, including
America's most famous investor, businessman and philanthropist
Warren
Buffett, had conceded that the US economy was in
recession after fresh figures revealed a second successive monthly
fall in employment.
Meanwhile, The White House continued its policy of "if we
don't say so, it's not reality" by continuing
to insist the economy was not in recession.
The corporate lapdog media naturally followed suit with headlines
such as Economists
Disagree on Whether the Country Actually Is in a Recession
and intimating that the unprecedented plunge of the dollar was
"not
necessarily a bad thing for the U.S. economy."
(ARTICLE CONTINUES BELOW)
Back in August 2007 this website carried
analysis from economic expert Jerome Corsi, who warned
that the US was very close to, indeed probably already in a recession.
The global economic crisis and the centralization
of power that would be implemented under the pretext of fixing
it were predicted by Infowars and Prisonplanet as well as regular
guests who appeared on The Alex Jones Show for
the past three years-plus.
This compilation is not an attempt to blow our own
trumpet and say "we told you so," we were merely warning
about the obvious consequences of what was unfolding as well as
shining a light on what the elite were saying behind closed doors.
It is offered, however, as a reminder of the fact that while
the mainstream corporate media and the Bush Administration were
lying to the American people in continually claiming "the
economy was strong," we were pointing out that the foundation
of the financial system was crumbling to the ground, leading to
the chaos that we see ensuing today.
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BECAUSE THERE'S A WAR ON FOR YOUR MIND
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