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This Economist has stated this before. If we look carefully and remember that
this situation has been brewing for 10 plus years (before Barack Obama and
slightly before George Bush). The sitting Congress however has been in place
through all of this and done nothing except grandstand on issues that serve to fire up the people and solve nothing. How many of these sitters have lowered their pay and benefits? What we have is a failure to act responsibly on behalf of the Congress we elected. Looking beyond this economic situation. The Congress is more concerned with trashing the President’s so called failure on the economy and the Affordable health care act that they cannot address the issues of the economy. The election of Mr. Romney will not result in any big changes in the economy because it has gone too far to turn around with legislation. What we may see is the Dupublican faction and their big money supporters do some of the things that this current President has begged for and not received. It is unfortunate that we have elected folks who are as Racist as they are greedy and they keep trying to pull the political wool over our eyes. The problem is that people are desperate for someone to blame and Mr. Obama fits the bill as so many people of color have in the multitude of lynchings years past. Our task as voters is simply to empty the bias box of our minds and pay attention to and find the facts. Remember if it quacks like a duck, walks like a duck, guess what -it is a duck! Apparently our Congress lies for a living as evidenced by the press conferences that occur immediately after any speech the President makes. This  a portion of Mr. Roubini statement:
“Roubini: My ‘Perfect Storm’ Is Unfolding Now “Dr. Doom” Nouriel Roubini, says the “perfect storm” scenario he forecast for the global economy earlier this year is unfolding right now as growth slows in the U.S., Europe as well as China. In May, Roubini predicted four elements – stalling growth in the U.S., debt troubles in Europe, a slowdown in emerging markets, particularly China, and military conflict in Iran – would come together in to create a storm for the global economy in 2013.
“(The) 2013 perfect storm scenario I wrote on months ago is unfolding,” Roubini said on Twitter on Monday.
Chinese inflation data released on Monday, suggested that the economy is cooling faster than expected, while employment data out of the U.S. on Friday indicated that jobs growth was tepid for a fourth straight month in June.
Roubini said that unlike in 2008 when central banks had “policy bullets” to stimulate the global economy, this time around policymakers are “running out of rabbits to pull out of the hat.”
Policy easing moves by the European Central Bank (ECB), Bank of England (BoE) and the People’s Bank of China (PBoC) last week did little to inspire confidence in global stock markets.
“Levitational force of policy easing can only temporarily lift asset prices as gravitational forces of weaker fundamentals dominate over time,” he said.
Bill Smead, CEO of Smead Capital Management, agrees that there is little central banks can do arrest the global slowdown.
Last week, he told CNBC that there is “virtually zero chance” that pump-priming by central banks will succeed, suggesting that policymakers should instead let the economic bust work itself through the system.”

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