Recovery Shmovery: The Economic Meltdown of 2008 is FAR from Over
I was talking about EM08 (“Economic Meltdown 2008”) with my friend Torben recently, and among the things he said were, "The idiocy of the financial reporting on this is insane." I couldn’t agree more and it is absolutely amazing how even the word "recovery" can be hinted at in the midst of:
1. Record debt.
2. Record deficit.
3. Record trade deficits.
4. Record debt on borrowing, primarily from china whose bitch we are now.
5. The largest heist in history – TARP - to the tune of a trillion is still playing out.
6. Runaway war budgets.
7. Over THIRTY states now headed toward bankruptcy.
8. Related to #7, California - the giant elephant in the room NO ONE is talking about and (depending upon who you’re talking to) the 6-8th largest economy in the world, is in financial ruin with a record debt AND deficit. Related to this; someone please tell me how “The Governator” keeps his job...? Seriously, we had a referendum on Gray Davis and the debt at that time was $4.5 billion – now it’s closing in on $50 billion. I for one am mystified.
9. TRUE unemployment probably around 20%.
10. 50 million uninsured for healthcare and a system so broken and controlled by elite interests it will never in our lifetime be affordable CARE and PREVENTION. This will and can only get worse as tens of millions of boomers are now headed toward old age, retirement and Medicare. It is a ticking time bomb that is not going away, no matter what, like it or not.
11. Credit card debt is now at a trillion. I agree with Meredith Whitney, who thinks it’s a bubble ready to burst.
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