USA summer of non-recovery or 5-6 year recession?

Remember the "stimulus" was supposed to "help" the USA economy? Uh uh... Dark Angel has the stats on where some of the $ has gone:

•A boat cruise company in Chicago got almost $1 million to “combat terrorism”
•$500,000 went to Ariz. State Univ. to study ant genetics
•Another $450,000 went to Uinv. of Arizona to study ants
•Almost $400,000 went to Univ. of New York to pay students to drink beer and smoke marijuana for a study there

HUH? W.T.F.?! (see more of this painful list here)

Speechless... Do you mean the Democrats are LYING with they say the economy is "recovering"? ... Yes... hmm, I'm shocked... OH BUT wait... DON'T WORRY, the "Dodd-Frank" financial reform bill will SAVE the USA! RIGHT?

The Dodd-Frank financial reform monster bill just passed "by cloture" as discussed at Michelle Malkin. The Hindenblog muses the glass might be a bit more than 1/2 empty "Anyone who was hoping against hope that The Great Recession was over...your hope is effectively dead."

Why? What's in this bill? A brief overview for you from Heritage, sparky: "... this law is going to be continually rewritten by federal bureaucrats for years to come. And the continued uncertainty it will create is just the beginning of its faults..."

Oh, that doesn't sound right, what do they mean? For starters:

Permanent Bailout Authority
Trusting the Same Regulators that Failed Last Time
Brand New Innovation Killing Regulators
Micromanaging the Market
Fannie and Freddie Forever

I thought Fannie & Freddie caused the housing market bubble which led the financial crash in 2007-2008, didn't it? So the economy WON'T recover with these same bad rules in place? hmm...

"These two government-sponsored enterprises, now in federal receivership, helped fuel the housing bubble. When it popped, taxpayers found themselves on the hook for some $150 billion in bailout money. The failure to address their future is a serious error and shows just how hollow are claims that this agreement will prevent future crises."

Oh, I see... but I'm just a worried blogger with 20 years working in Chicago financial institutions, what does a "real" financial analyst think?

"Explaining that the Dodd-Frank bill would force banks to either take on more risk to recoup earnings diminished by reform or behave too conservatively in order to avoid losses, financial analyst Chris Mutascio summarized the ultimate effect of the legislation: “Pick your poison—neither tastes good to us and we believe neither is particularly good for the economy and job growth.”

What do the smarties at Forbes think? "Financial Reform, R.I.P." says "The Dodd-Frank bill does nothing to deal with Wall Street's central problem: systemic non-disclosure.

So long Glass-Steagall. Hello Dodd-Frank--the most comprehensive rewrite of financial rules since 1933. This 2,319-page colossus--10 times the length of Glass-Steagall--took 1.5 years to produce and will cost $30 billion and many more years to implement. Will all this time and treasure make Wall Street safe for Main Street?

No.

Dodd-Frank is a full-employment act for regulators that addresses everything but the root causes of the financial collapse."

But when WILL America recover then? Gateway Pundit advises not for another 5-6 years?! Damn it, sparky... what are people scared of? A long recession perhaps from Moonbattery.

When will the economy pick up again? HotAir advises there has been a big drop in manufacturing. From AP business writers:

"WASHINGTON – New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery.

Factory output fell in June, according to a government report on industrial production. It was the sharpest monthly drop in a year. And two regional manufacturing indexes sank this month.

Production of automobiles, home-building materials and processed food all fell in June. The data sent stocks falling.

Federal Reserve officials took note of the weakening recovery when they met last month and lowered their forecast for economic growth, according to minutes released Wednesday."

"Economists viewed the reduction in factory output as further evidence that the economy is weakening as it enters the second half of this year.

"It is pretty clear that a slowdown is in process," said Brian Bethune, chief U.S. financial economist for IHS Global Insight. "The healing process from a severe recession is still under way, but given the kind of trauma the economy was subjected to, it isn't going to bounce back on a sustained basis right away."

Thoughts from a UK currency chief HSBC via the Telegraph:

"Usually the dollar serves as a safe haven whenever the world takes fright, and there was plenty of sobering news from China and other quarters on Thursday. Not this time. The US itself has become the problem.

"The worm is turning," said David Bloom, currency chief at HSBC. "We're in a world of rotating sovereign crises. The market seems to become obsessed with one idea at a time, then violently swings towards another. People thought the euro would break-up. Now we're moving into a new phase because we're hearing alarm bells of a US double dip."

Well from Rasmussen (and pretty consistently the last couple months now) about 70% of America think its HEADED IN THE WRONG DIRECTION... (ya think?!)

Damn it sparky... bad dog