Jay Midnyte

In case you missed part 1, check up on THE RECESSION IS OVER!!! START SPENDING YOUR EXCESS CASH!!

If you've been watching the news lately, you probably have the impression that the US economy is improving and the recession is behind us. After all, today Barack Obama did proclaim that "Bernanke's background, temperament, his courage, and his creativity helped him to prevent another Great Depression."

Here's some of what they did not tell you;

PROVIDENCE, R.I. (AP) – Rhode Island will shut down its state government for 12 days and hopes to trim millions of dollars in funding for local governments under a plan Gov. Don Carcieri outlined Monday to balance a budget hammered by surging unemployment and plummeting tax revenue.

The shutdown will force 81 percent of the roughly 13,550-member state work force, excluding its college system, to stay home a dozen days without pay before the start of the new fiscal year in July. More...

The economy could spiral into hyperinflation not seen since the early 1980s if the Federal Reserve does not tighten its monetary policy soon, Sen. Chuck Grassley (R-Iowa) warned Tuesday.

Grassley, speaking about the renomination of Federal Reserve Chairman Ben Bernanke to a second term as head of the Fed, asserted that Bernanke’s ability to hold down inflation would be the metric by which the Fed’s success would be measured.

"We won’t know for a year if he’s done a good job so far, because he shoveled money out of an airplane to save banks and the financial system," Grassley said in a conference call with Iowa reporters. "But shoveling money out of an airplane to solve problems can be inflationary — in this case, hyperinflationary — if he doesn’t start mopping up some of the money that’s out there." More....

(08-25) 15:29 PDT Sacramento — Most weekend garage sales don’t offer over 500 used vehicles – but then again, most garage sales aren’t put on by the state of California.

State officials on Tuesday kicked off what has been dubbed "The Great California Garage Sale" – by posting surplus state property on eBay and Craigslist.

The internet sales will be accompanied by a warehouse sale in Sacramento on Thursday and Friday at the California Department of General Service’s Surplus Property Warehouse. More...

Aug. 25 (Bloomberg) -- U.S. home prices fell 6.1 percent in the second quarter from a year earlier as a record number of foreclosures eroded the value of real estate.

The rate of decline slowed from the first quarter’s 7.1 percent drop, according to a report today from the Federal Housing Finance Agency. Measured monthly, prices rose 0.5 percent in June after a 0.6 percent monthly gain in May, the Washington-based agency said. More...

Because of all the misinformation in the mainstream media, the public will be caught off-guard AGAIN when the next wave of failures hits.

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