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