The Hope Opiate

Marx said religion was the opiate of the people. Well this religion certainly is.

British readers, doesn't this remind you of the ridiculous 'green shoots' statement?

Press Association: Obama sees glimmers of hope for US economy

The US economy is showing "glimmers of hope" despite continuing stresses, President Barack Obama said as he signalled more steps to improve the business climate.

He made his comments to reporters after a meeting at the White House with members of his economic team, including Treasury Secretary Timothy Geithner, economic adviser Larry Summers and Federal Reserve chairman Ben Bernanke.

"What we're starting to see is glimmers of hope across the economy," he said, although he also noted that the economy is "still under severe stress".

Mr Obama said there had been a significant rise in the number of homeowners seeking to refinance their mortgages, which will put money back into their pockets.

He said a 20% increase last month in the Small Business Administration's largest programme means that small companies, often prized as the backbone of the economy, "are starting to get money".

But he also pointed to the high rate of unemployment - which climbed to a 25-year high of 8.5% in March - and acknowledged that "we've still got a lot of work to do".

"We're starting to see progress," he declared, "and if we stick with it, if we don't flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track."

Hope. Ahem.

Maybe you want a little bit more substantial information, here is a good post at Campaign for Liberty explaining the truth about the economic crisis.