Careful, Summers....remember "Mission Accomplished"?

[grasswire]

The headline from the Associated Press:

Nation may have weathered worst months of recession, analysts say.

A few paragraphs in is this quote from Summers:

"The sense of a ball falling off a table; which is what the economy has felt like since the middle of last fall, I think we can be reasonably confident that that is going to end within the next few months, and we will no longer have that sense of a free-fall."

What the heck is going on? On the same day, my newspaper reports that frozen credit is devastating local businesses.

What the heck is going on?

[Tempest]

1. Banks are starting to turn a profit, or are seeing losses cut

If the banks can get back on their feet, the recovery will be soon to follow as credit is loosened up.

[grasswire]

3. banks? or just Wells Fargo?

I've only seen WF referenced. And that seems to be a sham.

[TheWatcher]

5. "Banks are starting to turn a profit, or are seeing losses cut"

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

And you know this how?

Because they "said so?"

Because Pandit leaked a Memo, and then the rest of them parroted the same Propaganda almost line for line, in seperate Press releases?

because Wells Fargo released some Bullshit Story full of no raw data that proves their "earnings" and "records profits" other than "Expectations" and "Forecasts"?

Because they've been SO honest and forthright so far, and have actual proof and technical, fundamental data to back up their Bullshit claims?

Because the new FASB Mark-To-Make-Believe now allows Banks to cook the books even further and report these "Fantasy Profits"?

Because you've taken everything they say at face value, and now thing everything is going to be fine within their fantasy timetable, just mere months after the biggest Global Collapse in History, which, not to blow your high or anything, is STILL UNFOLDING?

I believe HBO had a show in the 90's with a great Title that perfectly encapsulates far too many people's perception of this "fake recovery".

I believe it was called:

[eridani]

7. And if people don't borrow because they can't afford to pay loans back, then what? n/t

[Pale Blue Dot]

2. They believe that if we are "optimistic" that alone will stop the fall.

See my post about this here: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5428177&mesg_id=5428177

[grasswire]

4. ah, the Tinkerbell approach?

Keep clapping!!

[Art_from_Ark]

6. With the Tinkerbell approach...

The thing that's a positive must
is a little bit of pixie dust
The dust is a positive must.