Wake Up Call - As The Economy Teeters, The MSM Blow Smoke - 05/30/14

The Wake Up Call show

Summary: The retrenchment of the retail sector presages unmistakably an imminent official recession. Massive job losses can be expected. And all the while, the major organs of the media are telling you that all is well… and that a 1 per cent GDP contraction is nothing to worry about and that 3-4% GDP growth will obtain from the second quarter onwards. I talk about retail space per inhabitant in the U.S., far above that of any other country on earth. The adjustment here will be agonizing – most notably in the employment picture. They say 92 million Americans have left the workforce since 2007. Unemployment could not possibly be at 6.3% if that were the case. And if the rate were truly at 6.3%, retail sales would be far higher. Credit card debt has reached an all-time high but is being used for income and real estate taxes, energy costs, food and other necessities. More on the housing crisis.