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alstry (34.92)

Will The Dollar Collapse and What Happens???

Recs

13

October 03, 2009 – Comments (5)

Office Sales in Manhatten DOWN 90%

New Home Sales DOWN 80%

August Steel Imports DOWN 76%

Auto Sales DOWN over 50%

SBA Lending DOWN over 50%

Catapiller Inc. Sales DOWN 50%

Unemployment ages 16-24 over 50%

Bankruptcies cross 1 million and foreclosures rising

FDIC, FHA, and Pension Guaranty Out of Money

Social Security Cash Flow Negative

U.S. Deficit $2 Trillion and Growing as tax recepits evaporate........................and we are still calling this a recession?????

And what does the country look like after the dollar crashes?  Not good the Texas congressman said.

 “We think it was bad with the financial crisis,” Paul said. “When you have a dollar crisis, the whole thing quits functioning. The checks bounce and literally the federal government's checks bounce if you have – if inflation goes up.” 

But the situation deteriorates even more Paul – with states leaving the union. “I think we’re going to have a de facto 10th Amendment, secession,” Paul said “People are just going to ignore the federal government because they won’t – and there’s, you know, a total loss of credibility.”

http://www.businessandmedia.org/articles/2009/20091001105703.aspx

And what issues is the nation focusing on right now???????????????????????????????????

5 Comments – Post Your Own

#1) On October 03, 2009 at 9:14 AM, alstry (34.92) wrote:

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#2) On October 03, 2009 at 9:34 AM, dickseacup (66.28) wrote:

And what issues is the nation focusing on right now???????????????????????????????????

Well, let us see, we have Chicago not getting the Olympics in 2016, people at work yesterday were talking about Letterman sleeping with staffers (not sure what is up with that), and...and...that is all I have. I have no idea what the nation is focusing on. Oh, wait, I think I heard someone say that Obama wants to extend the stimulus package. I am not even sure what that means, but it sounds laughable, prima facie.

What is the nation focusing on right now?

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#3) On October 03, 2009 at 10:02 AM, alstry (34.92) wrote:

My Guess it will be unemployment once the citizens learn how high it really is and going higher!!!!!

Workers are dropping out: The unemployment rate edged up only slightly, to 9.8 percent, but the number of workers in the labor force fell by 571,000, suggesting the unemployment rate could have been much worse. The ranks of the marginally attached--workers who have dropped out of the workforce because they believe they won't find jobs or because they have other responsibilities, such as school--have grown by 615,000 over the year.

There are not enough jobs: A bill that would provide another 13 weeks of federally funded unemployment benefits to hard-hit states sailed through the House last week but may be complicated by some senators' efforts to get benefit extensions for all states. In some states, eligible workers have already received as many as 79 weeks of benefits. Historically, spells of unemployment that lasted a year or more were very rare, says Harvard economist Lawrence Katz, a Harvard economist. These trends are the sorts that haven't been seen since the Great Depression.

http://news.yahoo.com/s/usnews/20091002/ts_usnews/whytheseptemberjobsreportissobrutal

You can only stop counting people for so long before the people will stand up and demand to be counted!!!!

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#4) On October 03, 2009 at 1:40 PM, dwot (42.57) wrote:

alstry, I have said it before, I think the bailout was about ensuring that when you went to the bank you could get your money out.

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#5) On October 03, 2009 at 2:29 PM, alstry (34.92) wrote:

No doubt,

The real issue now comes as the defaults start kicking into full gear.

In one week we had Saturn, a large insurance company, a retail chain, massive municipal, county and state layoffs and now health care is just starting....

The recession is probably over, which means states' financial troubles have only begun.

History suggests it could take six or more years for sales and income taxes -- which make up roughly two-thirds of states' revenue -- to return to pre-recession levels. That could lead to deeper cuts to state jobs and services in order to maintain funding for core programs such as public schools and Medicaid.

http://finance.yahoo.com/news/Recessions-end-marks-start-of-apf-319106185.html?x=0&sec=topStories&pos=5&asset=eb833abbd50d560d2d7b906cc0c93df7&ccode=mp

The problem now is government constitutes a huge portion of the economy so the impact will be enormous.

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