Here's what the most influential people with regard to the economy were saying early in 2008 about the U.S. economy:
CNN Money, Jan. 10, 2008, "Federal Reserve Chairman Ben Bernanke reiterated that the Fed does not believe the economy will slip into a recession this year." Financial Times, Feb. 10, 2008, "White House insists recession unlikely." Bloomberg, Feb. 12, 2008, "Federal Reserve President William Poole said that the U.S. will probably avert a recession." Reuters, Feb. 13, 2008, "U.S. Treasury Secretary Henry Paulson stood by his view that the U.S. will avoid recession this year." Forbes, Feb. 14, 2008, "Chicago Fed's Evans mirrors Bernanke no-recession forecast."
And of course the mainstream media went along with these so-called experts, that is, they did no research themselves, but simply regurgitated what the elites said.
In November of 2008, the mainstream media would report the U.S. had been in recession since December of 2007. Meaning, the U.S. was actually already in recession when the elites made their statements.
Moreover, in September of 2008, the same elites would warn Americans that if they did not intervene the global economy could collapse. Shortly after that Congress passed TARP and the largest ever stimulus bill.
My point is either the elites knew about the recession and lied or they were just plain stupid. Americans should take what these people say with a grain of salt.
Granted, small town newspapers to The New York Times will continue to quote these so-called experts, but investors have a choice: they can believe what they read and get burned again, or they can do their own research on the Internet.
If you do your own research you will at least stand a chance of protecting your family's wealth when the Great Recession goes into its final stage, the stage when Europe, the U.K., Japan and the U.S. must admit to investors they can't make good on the $45 trillion in debt they have outstanding (note: most pensions, both private and public, including Social Security are heavily funded with sovereign debt).
One final point, if you do decide to do your own research and you're successful, both Obama and Romney will be right there to take the money away from you and give it to someone else who didn't plan as well. It may be a good idea that when you go to the polls next November to vote for anyone, but Obama or Romney.