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alstry (35.66)

You Knew This Was Coming.....You Felt It Coming....Now It Happens

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March 14, 2010 – Comments (3)

My friends...we simply can't loan each other over $50 trillion dollars and then cut off credit and not expect our nation to collapse. 

Revenues have contracted so much....... 

Many of our cities on the brink of bankruptcy and number of our states are delaying tax refunds.

Family and business bankrupticies are approaching recoved levels.

Schools are shutting down...13 Catholic schools shutting down in Baltimare and half the public schools in Kansas City

Hospitals/clinics now closing and tens of thousands of health care workers getting fired

The  Zombulator is now impacting government,, education and health care.

This is the third and last phase of Zombulation....First the housing crash, then the banking crash, and finallly the government crash.

Soon you will understand our economy morphed into one of primarily lending and government spending....and if the government is not spending, few are generating much and the value of practically everything collapses......

Our savings has just about run out.....we now have over $50 trillion of debt and just a few trillion of savings.  Every time workers get fired, it slows tax receipts even further pressuring the system to raise taxes and fire even more workers.

If it wasn't for welfare and war/security, our economy would have collapsed already....and as savings are depleted, supporting welfare will become more and more challenging unless we start converting assets.  Government is already running a $2 trillion dollar deficit and our economy is still imploding.

Much of the current accounting is fraudulent or misleading.....if you think Lehman is isolated, you are about to get a suprise as spending across the nation slows dramatically.

New round of foreclosures threatens housing market:

Report Details How Lehman Hid Its Woes

 

 

3 Comments – Post Your Own

#1) On March 14, 2010 at 6:22 PM, virusx (< 20) wrote:

Alstry:

What are you thinking on the HB's these days? 

Can the LENs, SPFs, etc... pull it OFF?  Would you have guessed three years ago they'd still around and kicking?

Virusx

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#2) On March 14, 2010 at 9:31 PM, dwot (99.59) wrote:

It seems to me that the housing bubble has to be worse then it was during the depression because during that period mortgage timelines were able to be extended to 30 years.  This time they start at 30 years and extending the timeline does practically nothing.

 

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#3) On March 14, 2010 at 10:10 PM, alstry (35.66) wrote:

virusx,

The homebuilders are a joke...revenues have dropped so low it is amazing most of them are still in business.  It offends every foundation of competitive capitalism that these companies are still solvent while well run private builders have shut down due to inability to obtain credit.

dwot,

The current condition is exponentially worse than depression because not only are homes overlevered, but so is governnment.  Plus, in the depression, government accounted for less than 10% of GDP and health care was less than 1%...today they combine for the majority of GDP and both incredibly leveraged and running out of capacity to borrow.

As these to segments start to pull back, we will find out our economy is swimming naked.

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