Tinkerbell, Fairy Dust and The American Economy

It was announced with great fanfare by economists in Washington today that the "Great Recession" beginning in 2007 was over officially in June, 2009.

Say, what?

Apparently, in a townhall style meeting held by Mr. Obama later the American public just isn't buying it.

Those economists are failing to disclose, it appears, just which economy they are speaking of. The American economy, or the global one?

Could it be that the global economy has recovered, at the cost of the American economy which still is in a freefall, from the looks of those lining up still at the unemployment offices, and social service agencies.

I still am scratching my head, since the American economy began its freefall in 2006, back when the mortgage crisis began and the bubble burst in the West, Southwest, and other parts of the country, and that was in June, 2006.

I should know since I was one of those affected whose "creative" refinanced loan based on British LIBOR interest rates was scheduled to readjust (and for which hefty closing costs on that loan in which I was forced to take out due to escalating costs of ownership during the bubble), and who then watched the value of my home decrease then by the week it seemed while I was attempting to then sell it.

I was luckier than many, although the true circumstances under which I "lost" my home were egregiously assisted by state and federal banking and governmental friendly property statutes that had fundamentally changed even the terms of my ownership since I purchased my small townhouse back in 1994, and a court action then that upheld "the state" and its special interests groups over my property ownership rights in a house I had lived in for over 12 years.

I don't think that GM plant in Detroit has reopened, or am I missing something?

And the new jobs created in Louisiana appear to be coastline cleanup jobs, most held by the former fishermen and shrimpers from that region post Katrina, Gustav and Deepwater.

A member of the Wall Street linebackers attended the townhall, bemoaning the beating the bankers took (although if my memory serves, many of them were soaking up the rays in California with pina coladas with their executive bonuses, weren't they, when this all began?)

Seems that the housing market hasn't rallied, but then the terms under those loans that are now being offered for refinances haven't really changed much at all, simply a half percent or so drop in those lending rates. And fixed rates still, unless credit reports are in the 700's, are rare and hard to obtain.

It is those usurous loans which are now the bread and butter of the banking industry, and apparently Americans still are having a hard time justifying buying even a "cheap" home that they may in turn lose during the next housing meltdown within the next decade or two, since this cycle harkens back to the 70's 80' and even 90's in its scope, although affecting many, many more due to the amount of those loans which were marketed to the public by both East and West coast banking houses.

Foreclosure contracts at the get go, and how many now since so many thousands have been affected can, due to their lack of jobs, savings or bad credit, even qualify for those "interest only," cheap deals, or would have the means or inclination to put much "sweat equity" into those purchases?

Between those affected in both the 90's and this cycle, that removes quite a few Americans from ever having another shot at the American dream.

The jobs which have been created appear to be mostly directed toward those tech, science based jobs, or construction due to all these "disasters" that keep occurring on top of the piss poor economy and many of those jobs are going to foreigners at any rate due to all the insourcing and outsourcing.

So I guess my question is, who's writing these economic reports?

The author of Peter Pan, James Barrie?

Or are these reports actually bi-partisan efforts, since it seems that the only "change" that has occurred since the last election cycle, is simply a change of the face behind the podium, and the supporting players from the blue team now in this global economic rebalancing act.

Or is Robin Hood also a major player here too?

Taking from the poor Americans on balance, and redistributing their wealth, or whatever is now left of it from the formerly middle class private sector minions, globally?

If those dates are correct, must be another new invention of science-based technology.

The Tinkerbell calender.