US Economy

By Patrick Martin, 10 February 2009 Published on World Socialist Web Site

Addressing a national television audience in his first White House press conference, President Barack Obama, promoting his economic stimulus plan, used unprecedented language to characterize the deepening economic crisis. He described conditions of rapidly rising unemployment, growing demand at food banks, widespread foreclosures, the collapse of consumer spending and the failure of small businesses.

By Dean Baker - September 29, 2008, Published on TPM Cafe

If you have a real story, you don't have to make up phony stories. That's pretty straightforward.

I've heard lots of phony stories. Much of the country's political and economic leadership has been running around raising the prospect of the Great Depression and a breakdown in the banking system (I actually had taken the latter seriously). These stories are absolutely not true.