As far as I'm concerned, the ONLY news story is the idiots like you, stoked by the pure propaganda spewed out by the corporate MSM, who fantasize that this economy is going to "recover".

It isn't.

Other than a lot of manipulated data and Bigfoot-like sightings of "green shoots", there is simply nothing to support this notion. N-O-T-H-I-N-G.

Of course, the government dumping untold trillions of borrowed $ into banks, changing accounting rules, etc., is going to make the banking sector look better. But it's all smoke and mirrors.

Naturally, you believe the illusion.

And the government essentially buying cars for people is going to make the auto sector look better. But that does not mean the auto sector is actually healthy.

But, naturally, you don't quite grasp this.

Etc.

You look at the propaganda headlines and swallow them hook, line and sinker. I actually look at the data.

See my post, here:

http://tinyurl.com/nxaeak

In the real economy, people continue to lose jobs by the hundreds of thousands every month. And there are NO jobs to replace them. This will lead to further contraction in consumer spending, which will precipitate further business contraction. Housing will continue to tank.

As economist John Williams notes:

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The U.S. economy is in a multiple-dip depression. The grand benchmark revision of the national income accounts on July 31, 2009 confirmed that the U.S. economy is in its worst economic contraction since the first downleg of the Great Depression, which was a double-dip depression. The current economic downturn increasingly will be referred to as a depression, and it is far from over. There will be intermittent blips of new activity, such as the current cash-for-clunkers automobile giveaway program that appears to be generating a one-time spike in auto sales. Yet, this downturn will continue to deteriorate, proving to be extremely protracted, extremely deep and particularly nonresponsive to traditional stimuli.

http://www.shadowstats.com/

I'm now finsihed trying to educate you, because you are clearly ineducable. Please go buy some stocks and some real estate, since you believe in this magical recovery nonsense.

But don't say you were never warned; indeed, that you were not clubbed over the head with the facts.

...are but a temporary distraction. It's this week's version of Michael Jackson's funeral.

Here's the real economic news:

---------

Skip the Happy Talk

This Depression is just beginning

By Mike Whitney

The US consumer is broke; the tank is on empty. Household equity has declined by 94%, jobs are scarce, personal savings are rising, and families are cutting back and hunkering down. It will take a decade or more before household debt is whittled-away to a point where people can consume at pre-crisis levels. Another stock market bubble won't change a damn thing.

http://tinyurl.com/ljr2fp

Showdown With the Bond Vigilantes

By Bill Bonner

This depression is going to last at least a few years…and the bear market isn’t over. The Dow will eventually close below 5,000.

http://tinyurl.com/mhrmrq

Consumer bankruptcies jump 34%

Bankruptcy filings spike in July as households are squeezed by unemployment

http://tinyurl.com/mbbqkj

And last but not least...

-

Number of Americans taking antidepressants doubles

http://tinyurl.com/nvnqeo

re: The idea is to stimulate the auto industry, improve gas mileage in autos traveling on americn hiways, and to protect the environment.

The government subsidizing auto purchases will, at best, "stimulate" the auto industry for a few more days until the $ runs out, then it's back to consumers avoiding new car purchases. All this really does is sucker more Americans into debt contracts they'll never be able to repay as the economy continues its downward slide.

As far as this somehow "protecting the environment", that is laughable. The number of cars involved is negligible. The government would better serve the public and the environment by focusing $ on developing efficient mass transit and high-speed rail. Propping up zombie car companies only prolongs the agony.

re: There is no class warfare here!!

“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

--Warren Buffett

http://www.nytimes.com/2006/11/26/business/yourmoney/26every.html

re: the government got a 23% ROI on Goldman

BWAHAHAHA!

The Big Bank Bailout Payback Bamboozle

The morning of June 9, Treasury notified 10 financial institutions, including JPMorgan Chase, Goldman Sachs, Morgan Stanley, US Bancorp, and Capital One Financial, that they were "eligible to complete the repayment process" for the capital they received under the Troubled Assets Relief Program (TARP). In other words, they would be allowed to pay back $68.3 billion. Even though they really owe $229.7 billion. That we know of.

http://www.motherjones.com/bailout/2009/06/big-bank-bamboozle

How You Finance Goldman Sachs’ Profits

Keep in mind that by virtue of becoming a bank holding company, Goldman received a total of $63.6 billion in federal subsidies (that we know about—probably more if the Fed were ever forced to disclose its $7.6 trillion of borrower details). There was the $10 billion it got from TARP (which it repaid), the $12.9 billion it grabbed from AIG's spoils—even though Goldman had stated beforehand that it was protected from losses incurred by AIG's free fall, and if that were the case, would not have needed that money, let alone deserved it. Then, there's the $29.7 billion it's used so far out of the $35 billion it has available, backed by the FDIC's Temporary Liquidity Guarantee Program, and finally, there's the $11 billion available under the Fed's Commercial Paper Funding Facility.

http://www.motherjones.com/politics/2009/07/how-you-finance-goldman-sachs’-profits

Yeah, please. Identify yourselves by your conspicuous bling, knaves! The armed-to-the-teeth public should know who it is that is ripping them off blind and subverting our government.