US Action News

The US is in a recession now. I am not the only one who thinks so.

Billionaire leftist financier and Obama supporter George Soros is not happy with Obama’s handling of the economy and says the markets are predicting a double dip recession in the US. Soros has used billions to fund leftist groups in the US and influence elections.

Bloomberg reported: “Gold climbed to a record above $1,890 an ounce in London and New York as concern about slowing economic growth and debt crises spurred demand for bullion as a protection of wealth.”

“Anyone who was looking for a quick recovery was basically in cloud cuckoo land” says Gillian Tett, US managing editor, Financial Times. “The world is waking up to the fact that there is a process of so called deleveraging going on. That economies and companies and banks still need to cut debt and so do households and that process is going to be brutal and slow.”

“We’re not looking at a recession yet, but we’re at a tipping point,” Gross said yesterday in an interview on Bloomberg Television. “We’re at what we call a stall speed in which corporate profits don’t grow, jobs aren’t created,” said Gross – Bloomberg.com

Consumers, who are central to solid and sustained growth, are at the heart of the new worries. Their pullback is a big reason why the economy is slowing down, and it’s not just because of high gas prices.

In the past two decades the economy was sparked by consumers who spent far more than their income by running up record debts and converting house price appreciation into cash. Those days are over.

With economic numbers like these, it’s no wonder that liberal commentators are advising Barack Obama — the man who got elected as the anti-war president — to run for re-election on his record as a war commander.

Dick Morris comments on recession. Don’t believe the government data. We are entering a double dip recession, this time with stagflation.

Almost half of the respondents in a Bloomberg National Poll conducted March 4-7 believe the U.S. is in a “fragile” rebound and could fall back into recession. More than a third of the country believes the U.S. never emerged from recession.