While the Great Depression is considered to have begun with the great stock market crash of 1929, the first mention of the words “great depression” was in a speech given by Herbert Hoover in late 1931. The first specific and titular reference did not occur until 1934, when British economist Lionel Robbins published a book titled “The Great Depression.” This would neither be the first nor the last time economists influenced by the Austrian School would be the first to identify a major economic downturn in the making or to point out that the policies of the fiscal and monetary authorities were guaranteed to exacerbate it.

In late October 2007, as the financial markets were starting to come unglued, a Goldman Sachs trader, Jonathan M. Egol, received very good news. At 37, he was named a managing director at the firm.

Big Labor has, for the most part, fallen all over itself to help its patron President get his Obamacare policies passed in Congress spending millions to do so. If Obamacare should pass many millions will lose their healthcare and will be forced into government healthcare. According to the CBO at least 10 million(1) will lose their insurance in short order. The CBO is likely lowballing the number, too.

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Billionaire George Soros believes a “bloodletting” may be in the offing for leveraged buyout firms (LBOs) and commercial real estate investors amid the worst economy in seven decades.

President Obama’s $75 billion mortgage relief plan isn’t working out so well.

You will recall that, shortly before the end of the 2008 political campaign, the White House announced a threat to the entire financial system and called on Congress to enact emergency spending powers. The Emergency Economic Stabilization Act of 2008 was enacted on October 3, 2008.

Jack Welch sees ‘insane’ plan; Barney Frank blames him for mess - U.S. Rep. Barney Frank fired back at former General Electric Co. chief executive Jack Welch yesterday, saying that the business legend just sat back while the financial markets collapsed.

Billionaire George Soros said the U.S. economy is “dragging down” global growth as troubles with the dollar mount. The dollar has lost about 7 percent this year vis-a-vis the world’s other major currencies.

A trends forecaster says the current economic “rebound” from last winter’s Wall Street collapse of banks, insurance companies and automobile manufacturers is an artificial blip created by “phantom money printed out of thin air backed by nothing.”

Bank analyst Meredith Whitney says home prices have another leg to drop, perhaps 25 percent.

Energy schemes, health care boondoggle and increased income taxes will quash the recovery and drive us into an endless recession.

Movement to stockpile for emergency at all-time high - These people are ready for anything, including “the end of the world as we know it.”

But Economists, Politicians Remain Divided - Is the recession really over? That’s the question many are asking since Newsweek magazine declared it so in the cover story of its Aug. 3 issue.

Recently B.O. said “Wall Street took unnecessary excessive risks and almost our entire economy into depression”. It is unfortunate that he knows so little about economics and the fact that what happened on Wall Street was the EFFECT rather than the CAUSE of the economic tsunami. In fact, if not ignorant he certainly is disingenuous since the Wall Street to which he is referring happens to be the entity that markets the debt issued by the Treasury. Firms like Goldman-Sachs are in essence an arm of the Treasury. The fox in the chicken coop.