On the Ropes … (and still being pummeled) A repeat of Vol. XXII, Art. 19 (2 years ago today)

In our Vol. XIX, Art. 23 – which we posted in mid-May of 2009 – we noted some of the misleading comments of know-it-all pundits that were dutifully parroted by sycophants in the nation’s media. Here are some examples of the rubbish they were peddling:

“The U.S. economy is expected to begin growing in the second half of this year …”
“The Federal Reserve expects the economy will start to grow again later this year …”
“Public forecasts of a decline in GNP are unduly pessimistic. A big increase in global trade is expected in the second half of 2009 …”
“There are signs that the real estate market is recovering …”
“Nearly 80% of the panelists believe that total housing starts are at or near the bottom …”
“The economy is showing some signs of inching toward health …”
“The economic downturn is expected to ease in the second quarter of this year …”
“The worst of the recession is over. The forecast for 2010 is brighter …”
“The past month provided fresh evidence the decline in business activity is starting to moderate …”
“A modest increase in container volume is projected for 2010 …”

“It’s all hogwash,” we said back then. “We’re like a beaten and battered fighter whose handlers are telling him between rounds that he’s ahead on points, when in fact, they know he’s finished. They’re lying to him but their half-dazed and subservient gladiator believes every word they say. He’s nothing more than a sacrificial lamb. And we’re nothing more than sacrificial sheep.”

We’re hearing the very same clap-trap today – from the very same pundits, no doubt – and like that trusting pugilist we’re still falling for it. Here are some of today’s factual announcements, however:

“YRC Worldwide Loses $ 899 million in 2009”
“Analysts estimate China Shipping Container Lines losses to be around USD 1 billion”
“Con Way losses at $ 111 billion”
“Last quarter Air France-KLM losses at $ 326 million”
“The German Port of Hamburg suffered a drop of 28 percent in container throughput in 2009”
“Global trade through the U.S. declined from December to January of this year, according to a trade trend report by the research firm, Panjiva”
“PROMISES, PROMISES: Jobs bill won’t add many jobs”

That’s the unvarnished truth, but unfortunately, the above information was reported in maritime and transportation journals and was completely ignored – or quashed – by the U.S. media. Most Americans, as a result, know nothing about the severity of our nation’s (and the world’s) economic decline. They’re being told – and they believe – that the bitter recession we’ve just been through is now behind us and that economic growth and prosperous times will be ours once again.

Without jobs, though, it ain’t gonna happen, and because of Obama’s late and ineffective “jobs bill” we will be sucked into an economic black hole from which we will never extricate ourselves.