Economic expert, David Rosenberg, has publicly stated something the Judiciary Report has insisted for the past two years, the U.S. economy is not really in a recession, but a depression and some of it has surpassed the Great Depression.

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Rosenberg, detailed this information in a report to investors this week, which should serve as a wake-up call to the White House and Congress, to desist with the massive spending sprees and work on solid job creation.

The Bush Administration created this catastrophe. But make no mistake, President Obama and his team have greatly exacerbated it, digging a deeper hole of financial woes. What Obama is relying on to save the day, is not going to work, as no nation enjoys the status of being able to print up an unlimited supply of money. The U.S. dollar will become worthless in the world, national debts will become due, while the standard of living in America will continue to decline. 

Some difficult budget cuts should have been made and the President's ill-timed and costly health care plan, should not have passed, as it has wreaked havoc on the nation's finances. The till that is the Treasury is empty and its time the President faces this fact and stop spewing more red ink. 

Published: Tuesday, 24 Aug 2010 | 11:23 AM ET - Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.

Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.

But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.

Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."...