“I think what we have seen … is a simulated recovery which has been generated by the government faking it in a lot of different ways [putting out statistical falsehoods on economic numbers] to make it seem that the economy is stronger than it is. They’re supposed to be doing a benchmark adjustment … and if they do, the unemployment rate will shoot up even higher. A lot of the supposed improvements have been faked by the government. In my view, it’s all created by the government as a hoax. But if you hoax people into going out and spending money on false assumptions … a lot of people are going to lose a lot of money.”
Americans’ debt load is so high, Davidson believes the administration’s encouragement to consumers to spend more now is a major misdirection.
To read the Jan 18, 2010, Moneynews article by Julie Crawshaw, CLICK HERE.