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Source link: http://archive.mises.org/12473/newsweek-cover-says-america-is-back/

Newsweek cover says “America is Back!”

April 14, 2010 by

Daniel Gross says in his cover article forget about the negative economic indicators, the current recovery is “pretty remarkable.” After all, the stock market is up, the government said job creation was positive in March, productivity is high and GDP is supposedly roaring ahead.

However, the National Bureau of Economic Research (NBER) met on April 8th and concluded that determining the latest recession’s “trough date on the basis of current data would be premature,” reports John Williams. The unemployment rate is anywhere between 10% and 22%.

Meanwhile, the Fed continues to be holding interest rates next to zero for an “extended period.”

Magazine covers have often signaled market and economic turning points.

{ 9 comments }

Russ April 14, 2010 at 4:09 pm

The more the Obamedia proclaim that the economy is back, when anyone with a quarter of a brain knows this is not the case, the more they convince people that both the media and the government are full of it.

Nielsio April 14, 2010 at 4:19 pm

America is back on crack.

Jay April 14, 2010 at 4:57 pm

America is back… on the bottle. Keep the public drunk with loads of paper money, entitlements, and good news stories written by statists. It will all be fine, don’t worry. The government is here to save us all. * Yawn *

Zach Bibeault April 14, 2010 at 4:58 pm

America is back on track in its usage of crack.

Craig April 14, 2010 at 5:49 pm

Magazine covers have often signaled market and economic turning points.

And often they haven’t.

David K. Meller April 14, 2010 at 7:08 pm

A week or so after the next major crash, it might be fun to post that cover on YouTube and similar public fora. One should also feel free to post authoritative statements from Bernanke, President Obama, Paul Krugman et al. advanced during the past year or so, on how permanant their “recovery” is, and how only more inflation can sustain it.

Giving our critics and opponents every opportunity to look stupid ( and having them avail themselves of it) can only help both the accessibility of, and prestige of Austrian economics in the long term!

PEACE AND FREEDOM!!
David K. Meller

Brad April 14, 2010 at 11:09 pm

If the economy is “recovering,” doesn’t that mean that we are heading into a period of heavy inflation?

strainer April 15, 2010 at 8:21 am

I highly doubt this recovery is sustainable given the people that remain in charge of our govt. And I read a pretty interesting article where Marc Faber refers to Bernanke, Summers, and Geithner as “clowns” who cannot be trusted:

http://www.goldalert.com/stories/Gold-Price-at-1150-Never-Sell

ted April 22, 2010 at 12:02 am

Wingers in this comment section……listen up. The economy is back…….there are several metrics that support that position beyond the thriving stock market which is doing the best its done in a decade. The adults are back in charge………and Obama has put together some very competent and capable people. …….people like Summers and Geithner, and he is supportive of Bernanke. They are doing a great job of getting things back on track. And the icing the cake……..banks have been paying back their TARP money, the gov’t has been making a profit on their bank stock holdings and now GM has repayed its gov’t loans…….4 years early I might add. So please……..don’t worry your pretty little heads……go back to doing what you all do best whatever that may be and we will continue to get the country back in a better place. Cheers!

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