During these dismal economic days, we can always rely upon the comic stylings of Joe Biden to raise our morale, just as the American public during Depression I looked to the Three Stooges for comic relief. I assume Jolly Joe in the above video was thinking of the old Reagan line from Reagan’s 1980 campaign for President: “A Recession is when your neighbor loses his job. A Depression is when you lose your job. A Recovery is when Jimmy Carter loses his!” Needless to say, the brighter lights in the Administration were reaching for extra strength pain relief as they saw the human gaffe machine use the “D” word, especially since they have been attempting to convince a sceptical public that the recession is ending.
What makes this especially hilarious is that Newsweek, the unofficial house organ of the Obama administration, ran a puff piece on Biden last week entitled “Why Joe is No Joke” . Hint Joe, when you are a politician and one of the most sycophanic press journals on your side runs a story arguing that you are not a joke, that is most definitely not a good sign.
As to the substance of his remarks, all I can say is that I am doing more bankruptcies and foreclosures than I have ever done in my 27 years at the bar. This is the worst business environment I have witnessed in my life time and every business man and woman I have encountered in the past year say the same thing, except for those few who were children during the Great Depression. Cold comfort that this is “merely” the worst post war recession and not yet Great Depression II.
Some of our other posts regarding the clown prince of American politics: