Yamarone - We Are Literally Witnessing a Collapse
On the heels of the release of the Fed statement and the Bernanke press conference, today King World News interviewed Richard Yamarone, senior economist at Bloomberg Brief. He has consulted for monetary and fiscal policymakers and served as an adviser to major U.S. corporations. Yamarone also held senior positions for major international and domestic money center and investment banks. When asked what’s really happening with the US economy, Yamarone responded, “I think people are just running out of money. We have contracting, real disposable incomes. Most of the job creation that we have is from minimum wage type jobs.”
Richard Yamarone continues:
“I’m fortunate enough to travel and speak to chambers of commerce with 300 to 500 people in the audience. They all tell me, ‘Hey, listen, I am letting go of workers. I’m hiring them back at a fraction of what I used to pay them.’
You hear from the other side, ‘Hey, I finally got a job after two years of being unemployed. I used to make $100,000 (each year), now I’m making $45,000 or now I’m working part time.’ Or (you hear), ‘I used to make $500,000 and now I’m making $200,000 or making $125,000.’....