Dow Bloodbath Could Herald “Great Depression”
NY Times admits: It’s a ‘double dip’ as markets plunge.
Paul Joseph Watson
Friday, August 5, 2011
Seven months after President Barack Obama gave a State of the Union speech in which he said the economy was in “recovery mode” and that “the stock market has come roaring back,” the New York Times today all but admits that America has entered a double dip recession following yesterday’s 512 point Dow plunge, while others go further, warning of a new Great Depression as markets continue to plummet today.
Why it takes a dramatic fall in the stock market for the establishment media to admit something that’s been painfully obvious in almost every other sector of the economy for the last 2 years goes right to the heart of the split between Wall Street and Main Street.
Rising unemployment, crumbling house prices, record food stamp usage, and the soaring price of gold as a barometer of dollar depreciation are three key reasons why contrarians have been warning all along that the economy was in fact getting worse and that talk of a “recovery” was deluded at best and crazy at worst.
For refusing to go along with the happy clappers by putting the blinkers on when it comes to the real measurements of economic health and not the phony, casino-style stock market, people like Gerald Celente and Max Keiser were accused of engaging in “pessimism porn” even as their forecasts played out.
Americans who believed the propaganda about the non-existent “recovery” and failed to move their assets into safe havens will feel stabbed in the back now that the Old Gray Lady finally admits the 2008 recession never really ended. But it really serves them right for placing trust in an establishment that has lost all credibility.