How Bad Is It? "Ridiculous"
Banks At or Near Insolvency
Hedge Funds Insolvent and Liquidating
Major Real Estate Deals Defaulting
Residential Home Foreclosures at Record Highs
Corporate Executives Bonused after Eliminating Shareholder's Dividend and Destroying SH Value
Govt says CPI flat when Gas at $4.00 p/gal, milk at $5.00 p/gal, and bread at $4.00 p/loaf wheat
Municipalities on the verge of Bankruptcy
Counties on the verge of Bankruptcy
State Tax Revenues Declining Rapidly Forcing Cutbacks
Retailers Shutting Down Stores Around the Country
Commercial Vacancies Rising
Home Prices Crashing
Layoffs and Unemployment Increasing
Oil Over $110 per Barrell
Doller Below 100 Yen
Euro Over $1.56 Dollar
Import Prices Exploding
American Median Income Declining
Population Aging-Pension Funds Under Funded
Over 40 Million Americans Uninsured
Animal Shelters Overflowing with Abandoned Animals
Food Shelves Overflowing with Needy People-Especially in Suburbs
Our President Says We are NOT in a Recession
On Monday the CEO of Bear Stearns said it was "ridiculous" that anyone would think it was facing a liquidity issue. On Friday.......enough said. Think about the above facts as symptoms of a patient presenting with an illness. America has never had this much of a debt burden, especially at the individual and governmental levels, supported by soooooooooo little income.
What happens to a nation when its thinks its economy is booming simply because of a credit bubble from borrowing so much money? Not only that, during the illusion the nation spends trillions prosecuting foreign wars, allows its infatructure to deteriorate, ships jobs and manufacturing overseas, and is left with a service economy importing goods and servicing each other. It seems Mr. Spitzer took advantage of the situation.....but all in all, at least he had pretty decent taste.
Maybe President Bush is right, America is not heading for Recession. This could be the first time history that America goes straight from Boom to Depression.