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March 19, 2008

Gotham Gazette: Ten Reasons We Don't Have the Economy We Thought We Had

Ten Reasons We Don't Have the Economy We Thought We Had

Gotham Gazette

1. The Federal Reserve dropped the ball big time.

2. Outlandish Wall Street bonuses really aren't good for New York

3. The "You're On Your Own" economy does not apply to giant banks.

4. Credit card debt is no substitute for broad-based wage gains.

5. Low unemployment wasn't all good news.

6. Sub-prime lending did not give us record home ownership.

7. Government spending, it turns out, is pretty useful.

8. A college education might not get you a good job after all.

9. Having succeeded in keeping wages down, the White House is doing all it can to push prices up.

10. Ever-higher trade deficits do matter.

I really recommend reading the full article with the explanations for each of the reasons, the more who understand the causes the better. As cliche as it is "Knowledge is Power". This recession is only about 20% into it, and inflation is not helping things and you can blame the gas prices on the devaluation of the dollar hence why it is number one on the list.