Hello Folks,
Here is a list that one of the better wall Street hypes put together to illustrate why we are heading to the next Depression 2 by 2011.
Wouldn't it be great to keep a copy and see if this man is on the money?
Americans feast on fear, and there worst own enemy comes from within, themselves. Greed is there master.

" Mr. Obambam has publicly stated he will spend his way out of this during the next two years. "


Scan these 30 "leading indicators." Each problem has one or more possible solutions, but lacks unified political support. Time's running out. We're already at the edge. Add up the trillions in debt: Any collective solution will only compound our problems, because the cumulative debt will overwhelm us, make matters worse:

1. America's credit rating may soon be downgraded below AAA
2. Fed refusal to disclose $2 trillion loans, now the new "shadow banking system"
3. Congress has no oversight of $700 billion, and Paulson's Wall Street Trojan Horse
4. King Henry Paulson flip-flops on plan to buy toxic bank assets, confusing markets
5. Goldman, Morgan lost tens of billions, but planning over $13 billion in bonuses this year
6. AIG bails big banks out of $150 billion in credit swaps, protects shareholders before taxpayers
7. American Express joins Goldman, Morgan as bank holding firms, looking for Fed money
8. Treasury sneaks corporate tax credits into bailout giveaway, shifts costs to states
9. State revenues down, taxes and debt up; hiring, spending, borrowing add even more debt
10. State, municipal, corporate pensions lost hundreds of billions on derivative swaps
11. Hedge funds: 610 in 1990, almost 10,000 now. Returns down 15%, liquidations up
12. Consumer debt way up, now at $2.5 trillion; next area for credit meltdowns
13. Fed also plans to provide billions to $3.6 trillion money-market fund industry
14. Freddie Mac and Fannie Mae are bleeding cash, want to tap taxpayer dollars
15. Washington manipulating data: War not $600 billion but estimates actually $3 trillion
16. Hidden costs of $700 billion bailout are likely $5 trillion; plus $1 trillion Street write-offs
17. Commodities down, resource exporters and currencies dropping, triggering a global meltdown
18. Big three automakers near bankruptcy; unions, workers, retirees will suffer
19. Corporate bond market, both junk and top-rated, slumps more than 25%
20. Retailers bankrupt: Circuit City, Sharper Image, Mervyns; mall sales in free fall
21. Unemployment heading toward 8% plus; more 1930's photos of soup lines
22. Government policy is dictated by 42,000 myopic, highly paid, greedy lobbyists
23. China's sees GDP growth drop, crates $586 billion stimulus; deflation is now global, hitting even Dubai
24. Despite global recession, U.S. trade deficit continues, now at $650 billion
25. The 800-pound gorillas: Social Security, Medicare with $60 trillion in unfunded liabilities
26. Now 46 million uninsured as medical, drug costs explode
27. New-New Deal: U.S. planning billions for infrastructure, adding to unsustainable debt
28. Outgoing leaders handicapping new administration with huge liabilities
29. The "anti-taxes" message is a new bubble, a new version of the American
    dream offering a free lunch, no sacrifices, exposing us to more false promises

Will the next meltdown, the third of the 21st Century, trigger a second Great Depression? Or will the 2007-08 crisis simply morph into a painful extension of today's mess to 2011 and beyond, with no new bull market, no economic recovery as our new president hopes?
Perhaps some of the first 29 problems may be solved separately, but collectively, after building on a failed ideology, they spell disaster.

So listen closely to "leading indicator" No. 30:
At a recent Reuters Global Finance Summit former Goldman Sachs chairman John Whitehead was interviewed. He was also Ronald Reagan's Deputy Secretary of State and a former chairman of the N.Y. Fed. He says America's problems will take years and will burn trillions.
He sees "nothing but large increases in the deficit ... I think it would be worse than the depression. ... Before I go to sleep at night, I wonder if tomorrow is the day Moody's and S&P will announce a downgrade of U.S. government bonds." It'll get worse because "the public is not prepared to increase taxes. Both parties were for reducing taxes, reducing income to government, and both parties favored a number of new programs, all very costly and all done by the government."
"Whitehead said he is speaking out on this topic because he is concerned no lawmakers are against these new spending programs and none will stand up and call for higher taxes. 'I just want to get people thinking about this, and to realize this is a road to disaster,' said Whitehead. 'I've always been a positive person and optimistic, but I don't see a solution here.'"
We see the Great Depression 2. Why? Wall Street's self-interested greed. They are their own worst enemy ... and America's too

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I just wanted to preserve the post....

Don't you mean "their" master?

Can't you even spell HIS name correctly?

And why do you continue to spew your anti US venom here?

Man if that is all you can see, incorrect spelling, Get someone to pull your head out of the sand. And Yes I can spell Obama but others are calling him by what you see. Probably for good reason. I for one applaud his victory, but as one of millions I do not believe he is the omnipotent one sent to save this global village the USA has tried so hard to destroy in he name of greed.
And finally, for the very last time I am not anti USA. For every American that is living here, get with the program. I am not anti US. Anything I put here is nothing more than pure fact.
Can anyone beat pure unadulterated facts as released by the government of the USA through obtained through the Freedom of Information Act.

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Obama may indeed be a charlatan, but his name is NOT Obambam.

My friends in Chicago (including my attorney) agree that your reference to Milton Friedman and the Chicago boys in a previous post sounds anti-Semitic.

Global village?

What planet are you on?

There is no such thing and never will be a global village, though Obama is indeed the perfect "collectivists' choice" to be their leader .

For a Canadian (I've known many) your posts are surprisingly "aggressive" to say the least.

All this that you wrote it not Obama's fault. So why the mocking & disrespectful "nickname". Give the man a chance, then you can criticize what he may or may not do. Not mock him for things he hasn't done yet.

Your posts are all very negative and offensive. It's not your "facts" that are offensive it is your mockery of a man who hasn't even started his job yet.

Perhaps I'm being a bit redundant, but I find them repugnant as well.

Another vote for some positivity. You are what you post!

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http://www.livinginpatagonia.com

Jedard-Where did you get this article?
The layoffs are continual, look at the news/blogs you can find layoffs everyday. Wait until next year when the credit cards bankruptcies increase. As a taxpayer you can't even find where the $700b is going. Obama has inherited a mess. Being from Chicago, I'm glad he got elected but I honestly don't think his four years will lead to success in the economy. The situation will get a lot worst before it gets any better. The damage to come will last at least a decade. As far as bailing out the automakers that won't help either. They could stop building cars and still have a surplus. Or better yet only have max 10 cars per dealer like here. It seems like the US is following in Britain's footsteps. I believe Britain bailout some automakers in the 1970s and the companies still went bankrupt.

Ah, yes (more or less). British Leyland. Or was it, "Lesney"? The Chinese and the Indians now own its name-only remnants.

Lesney used to manufacture the "matchbox" model cars, until it went bankrupt in 1982. I used to collect them as a child.

British Leyland was formed in 1968 and nationalised in 1975. Its demise is one more tragic incident in the general demise of British manufacturing.