I wouldn’t worry too much about reading from that site. It’s a perma-bear site. They’re always somewhat right every recession. I mainly quoted it for the graphs. Those are directly from the Federal Reserve.
I do have to agree, though, that this “recovery” seems to be an accounting trick. I’m not an economist, but what’s going on right now seems to go against everything I’ve ever been told economies should do.
Also, I have my experience on the ground. I supported my mother through getting a general studies degree…no job prospects. I supported her through getting an accounting degree…no jobs after almost 2 years. Hell, no phone calls. Accounting was supposed to be a hot field.
Then there’s our experience in the “hot” IT field. To read the articles, you’d think every IT person in the country would have job offers 20 levels deep. In reality, I heard from employers about how they had hundreds or more resumes.
I watched Bank of America sell my mother’s mortgage servicing to a company (Greentree Servicing) that is so terrible they’ve been accused of driving people to suicide. We couldn’t even get a price out of them to try to refinance. They cancelled the foreclosure hearing so they could get her out, let the house rot, and stick her with all of the code enforcement liens. Bank of America got a bailout. Who on Main Street did?
I don’t know anyone who feels a recovery. Everyone I know says it feels like a constant struggle no matter how much money they manage to make. They pulled the prices that matter most out of the inflation calculations.
Unfortunately, I only see that everything looks like a lie. People know it, but we don’t know what to do. I have this feeling one day we’ll see some movements on social networks where, for example, a massive group of students gets together and decides to quit paying student loans forever. I wouldn’t blame them. You can’t recognize most universities because they gorged so much on that student loan money…while their adjunct professors live under bridges.
I don’t know how to prepare, but I just have this feeling the “powers that be” won’t be able to keep this up forever. Personally, I accumulated way too much debt from supporting my mother.
I have this idea that owning property is where I personally want to be long-term. I figure even if the whole damn system comes crashing down, if I can still get paid something, whatever it is, for use of the land, it’s something. I’m a few years off of owning anything though. :(
They may be able to prop this up for another 20 years for all anyone knows. In Europe, they’re doing negative interest rates. They charge you to save money. Who would have thought they could go that far?