I see these signs driving along highways where there have been fatel accidents. They are supposed to be reminders to drive carefully with your head up.
Right now, America has its head in the sand and we about to get run over.
Three months ago, the economy was growing and the job market was strong....today we are in the middle of a recession and facing the biggest financial crisis since the Great Depression. Who is kidding who?
WHERE DO YOU THINK WE ARE GOING TO BE IN THREE MONTHS?
March retail sales data was a bust. Sales are slowing for Cisco. Auto sales are tanking. Foreclosures are skyrocketing. Airlines are folding like origami. And Home Builders are rallying?
Credit is tighening. Even though the GSEs are expanding limits, requirements to get loans are becoming stricter. Great, you can borrow a million bucks but only three people qualify.
Until America figures out a way to raise income or lower debt, spending will slow and defaults will continue to rise.........and rise at faster and faster rates as defaults beget additional defaults. States are preparing to release tens of thousands of prisoners early because the funds are no longer there to incarcerate.
It took just three months to go from boom to facing the biggest financial crisis since the Great Depression. Could it take less than three more months to sink us to greater depths than the Great Depression?
Is it time to look up yet?