Added on August 2, 2011
Jason Rink
10 signs the double-dip recession has begun
foreclosures
Friday’s news on GDP shows the double dip has arrived — an expansion of only 1.3 percent and consumer spending up 0.1 percent in the second quarter. Astonishingly low by any account. The debt ceiling trouble and lack of a longer term resolution to the deficit will make it worse.
The U.S. has entered a second recession. It may not be as bad as the first. Economists say that the Great Recession began in December 2007 and lasted until July 2009. That may be the way that the economy was seen through the eyes of experts, but many Americans do not believe that the 2008-2009 downturn ever ended. A Gallup poll released in April found that 29 percent of those queried thought the economy was in a “depression” and 26 percent said that the original recession had persisted into 2011.
It is any wonder that many Americans believe that the economic downturn is still in progress? Home prices have fallen to 2002 levels. Values have dropped nearly 50 percent in parts of Florida, California, Nevada and Arizona. Property values are also down that much in parts of troubled big cities like Detroit. Estimates are that as many as 11 million homes have underwater mortgages. Banks have inventories of as many as 2 million foreclosed homes which have not even been released to the market. Home prices could fall another 10 percent if current trends persist.
Read the whole story here.
by Jason Rink
Jason is a contributing author of "Ron Paul: A Life of Ideas," the biography of Congressman Ron Paul, and the author of"Disciple of Liberty: Seven Priorities of a Christian Patriot."
His work has also been featured on the anti-war, anti-state, pro-market website Lewrockwell.com.
He has appeared as a guest on FOX Business Channel's "America's Nightly Scoreboard" , the FOX News program "On The Record with Greta Van Susteren," and "Freedom Watch" with Judge Andrew Napolitano.
Jason is a former pastor and church planter. He also was a Vice President with JP Morgan Chase, a position he held while simultaneously working as a grassroots activist to End the Federal Reserve. He is one of the founders of the Ohio Freedom Alliance, and Ohio Liberty Council. Currently, he is the Executive Director of The Foundation for a Free Society, a 501c3 non-profit, educational organization in Austin, Texas.
Over the last 10 years, he has spoken over one-hundred times to audiences of all ages, ranging from 20 to 20,000 in attendance. He speaks on topics such as State Sovereignty, the U.S. Constitution, Early American History, Political Activism, Money and Economics.
Jason lives in Austin, TX with his wife of 11 years, Tisa, his 10-year old son, Ethan, and dog named Rocco. Check out his personal website at JasonRink.com.
