U.S. Economy Grows 5.7 Percent in Fourth Quarter of 2009. JWR Adds: They’re calling it a “recovery”? That is laughable. I call it nothing more that the effect of many hundreds of billions of dollars in short term stimulus. Keep in mind that this will effectively be paid for with money borrowed from my children’s generation. The current presidential administration has spent more than $3.5 trillion, and much of that went to “stimulus.” And all that got was just 5.7% in growth? I suspect that the real underlying economy is actually heading into a depression that will last a decade or more. If you look at the job numbers minus the stimulus-generated make-work jobs, the government’s sleight of hand is apparent.
Bernanke Confirmation Means Fed Independence. He was reconfirmed by the narrowest margin in congressional history.