Wednesday, June 15, 2011

2007 Michael Whitney 2nd Great Depression: The Coming Economic Hell For American Families is already here

I got this supposed breaking news and I hate to tell them but they are 4 years too late and America's hell is here! The Coming Economic Hell For American Families It has been here for years!

The Second and Greatest Depression is right around the Corner. This is stunning, I was still trying to Recover hours after first hearing this but became resolved to it 4 years ago!

As we listened to Bush's lies about wanting to fix Health Care I caught on the news that pretty soon health care will consume $1 of every $5 you spend and look where we are today. That is mind boggling in itself. Knowing he did nothing to help the average American or our America is sobering enough. That Idiot constantly lied and covered up all reality!

He bragged every day how great his economy is while we were left dumbfounded. People in staggering numbers are still losing their homes, ending up on the street, going hungry, unable to receive or afford even basic health care, or even satisfy life's basic needs. this is happening in America and I find it overwhelming. Why? In America?

Then four years ago I was sent this staggering information and I was 7 hours later just composing myself to be able to put this together.

The Second Great Depression By Mike Whitney" The US economy is in danger of a recession that will prove unusually long and severe. By any measure it is in far worse shape than in 2001-02 and the unraveling of the housing bubble is clearly at hand. It seems that the continuous buoyancy of the financial markets is again deluding many people about the gravity of the economic situation. 02/21/07 This week’s data on the sagging real estate market leaves no doubt that the housing bubble is quickly crashing to earth and that hard times are on the way.

There’s no doubt now, that Fed chairman Alan Greenspan’s plan to pump zillions of dollars into the system via "low interest rates" has created the biggest monster-bubble of all time and set the stage for a deep economic retrenchment. Greenspan’s inflationary policies were designed to expand the "wealth gap" and create greater economic polarization between the classes.

By the time the housing bubble deflates, millions of working class Americans will be left to pay off loans that are considerably higher than the current value of their home. This will inevitably create deeper societal divisions and, very likely, a permanent underclass of mortgage-slaves. A shrewd economist and student of history like Greenspan knew exactly what the consequences of his low interest rates would be. The trap was set to lure in unsuspecting borrowers.

In real terms, the economy is already in recession. The growth numbers are regularly massaged by the Commerce Department to put a smiley face on an under performing economy. Industrial output continues to flag (In January it was down by another .5%) while millions of good paying factory jobs are being air-mailed to China where labor is a mere fraction of the cost in the USA. Also, automobile inventories are up while factory production is in free fall.

Please read the entire report. It is very sobering and the first honest appraisal I have ever seen as to our dire Bush hidden financial future. In closing Mike say's Greenspan has led us sheep-like to the same precipice as the great depression. The economic dilemma we're facing could have been avoided if the expansion of personal credit had been curtailed by prudent monetary policy at the Federal Reserve and if wealth was more evenly distributed as it was in the ‘60's and ‘70's. But that’s not the case; so we're headed for hard times. Mike Whitney The second Great Depression 2007

* I will bet President Obama gets credit for this Bush created disaster too

James Joiner
Gardner, Ma


Demeur said...

Obama isn't helping by going along with all the cuts and yet more tax breaks for corporations. What happened to I'm going to get tough with the off shore accounts?

Ranch Chimp said...

Thanx for the Mike Whitney posting here too Jim ... that was a good piece. There's no doubt Jim ... looking at all the math, the new way that stock's are being traded (such as the posting I just done on "60 Minutes" concerning the high speed trading) the too big to fail entities, the housing market, the bailout's, the constant war's ... by now everyone should be able to clearly see. I think many have forgot about what Bush done to this country ... we were basically sold out Guy ... and long ago, Bush took it to the max level and just gave a free for all pass ... but we should know by now that we are going to face some challenge's, that will be a "new" experience for most American's, what I have called in my posting's "the storm". I was watching some of the GOP New Hampshire debate's ... it was truely sad .. everything from unemployment to the economy, war and every other hardship and challenge was blamed of course on President Obama ... yet we knew this would happen ... we still play the game of left/ right and politic's in it's most incompetent form, and as long, we simply wont get result's, bottom line ... not one mention out of this group on what Bush done of course. I wrote too much about this shit already myself, so I'll leave it go ... but thanx for the posting Jim.

Dave Dubya said...

As Brother Tim would often say, it will take at least another depression for the American people to wake up enough to get off their asses and demand democracy.

Our brothers and sisters in Wisconsin are setting a good example. Time for the rest of us to join them, everywhere. Just imagine if protests were coordinated to happen in all 50 state capitols on the same day.

This is what it will take to even begin the struggle for democracy.

an average patriot said...

Demeur this is just starting any way you look at it because of the Republicans. Obama tried to take care of the off shore accounts and force manufacturing home but Republicans blocked it and said it was bad business. My ass!

an average patriot said...

RC we were on this from day one and before as it was obvious what was happening and what was going to happen but as usual we and the truth do not matter and are always ignored so a hidden agenda can be continued.

an average patriot said...

Hi Dave! Yeah brother had it and always sid we were fucked. I just ca not see the majority of these fff'd up Americans getting off their asses and rebelling against the BS that is the government of today because it is run by the cooperation's and is bringing us down.