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alstry (36.24)

There Is NO RECOVERY

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15

March 07, 2010 – Comments (1)

Nor will there  ever be for the current economic structure......

Bastions of the middle class, Twin Cities suburbs are seeing financial pain spreading quietly among their residents. They now have more poor people than the core cities of Minneapolis and St. Paul.

In a startling shift, Twin Cities suburbs now have more poor people than the core cities of Minneapolis and St. Paul.

Job losses, foreclosures and disappearing insurance coverage have pushed requests for food stamps, medical assistance and emergency housing aid to record levels. Homeless numbers are rising. Food shelves are scrambling to meet demand.

It's a trend mirrored in suburbs across the nation, where a recent study found that suburban poverty has grown five times faster than it has in big cities.

http://www.startribune.com/local/west/86722707.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUac8HEaDiaMDCinchO7DU

As the previous blog indicated, we simply built a ponzi economy of borrow and consume......and now that the bankers are cutting off credit, many can no longer consume or service debt.......and as savings runs dry more and more will be zombulated.

We are already at the point where government is running a $2 trillion dollar deficit.........soon many will ask why do politicians get a salary when government is not generating the tax receipts to pay them.

We are rapidly reaching the point  where we will have to tax all citizens 100% of their income and/or 100% of assets.........as housing values fall and property taxes rise.....we are getting closer and closer each day.

1 Comments – Post Your Own

#1) On March 07, 2010 at 9:27 AM, alstry (36.24) wrote:

Regulators shut down banks in 4 states, making 26 US bank failures this year   If banks were forced to be honest with accounting.....most banks would likely be insolvent today.

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