Federal Reserve chief Ben Bernanke characterized the pace of economic growth as “uneven and modest by historical standards” in his semi-annual speech before Congress at 10 a.m. He acknowledged some improvement in the labor market and said that headwinds like Europe and a weak housing market would fade beyond 2012. The central bank will release it's report on econoimc conditions, known as the Beige Book, at 2 p.m.Uneven and modest? Or for the common folk, the economy has flatlined...
Behind the mainstream Wall Street happy talk about more stable financial markets and an improving economy are grim warnings of tough times ahead from a small cadre of doomsayers who warn that the worst of the financial crisis is still to come.Until someone gets serious about the massive debt Obama and Congress have piled on the U.S. this is unavoidable.
"2012 is when many of the long-simmering socioeconomic and political trends that we have been forecasting and tracking will climax," Celente noted in his Top 12 Trends 2012 newsletter. In an interview he added: "When money stops flowing to the man on the street, blood starts flowing in the street."Lovely.