If you think the economy is bad now!

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toranoga Decorah, Iowa USA
If you think the economy is bad now, by the time the 2012 elections take place, you will have seen:
The labor department stating headline unemployment of more
than 18%.
Major government layoffs at all levels.
Dow 3200
Illegal immigrants returning to their home countries.
Soup lines
50% deflation from the 2007 peak.
Annual car sales of 5M units.
Mortgage delinquencies rates of 30%.
20% interest rates.
Will Obama have caused it? No, the problems have been building for 6 decades and even if health care, cap and trade, etc., etc. pass congress and are signed into law, there will not be sufficient capital available to fund them regardless of what the tax rates are raised to. There will be no new public works plans funded, schools will reduce hours and those eligeable for Social Security will continue to work because they will not have sufficient incomes to retire on.
Give your thoughts.
Bout time the illegal aliens go home! scold

- Michael cowboy
Medsummer09 Long Island, New York USA
and you know this for a fact because...
lookin4ubabe Yakima, Washington USA
Where in the world did you come up with these stats??? Please dont say FOX? It would be nice to solve the immigration problem....hmmm, what kind of soup?laugh
HJFinAZ Sun CIty, Arizona USA
lookin4ubabe: Where in the world did you come up with these stats??? Please dont say FOX? It would be nice to solve the immigration problem....hmmm, what kind of soup?


"Common sense", is a damn good place to start..doh
alexey8 Chico, California USA
The worst part is, nothing is going to change. The majority of the politicians have became so greedy, that they forget about the American people they represent, they only care about staying in office and making money. They can't make a budget for this country, no matter what party it is, their answer always involves spending more more that we don't have. And its not going to change, because people aren't going to vote on the important economical issues. No, the majority of people go to vote for social issues, issues that shouldn't have any business in the government, abortion, gay rights, who should we rename a park after, and all this social nonsense. Even health care reform, do we need it? yes...but maybe we should trying making a budget for the economy first. dunno
lookin4ubabe Yakima, Washington USA
HJFinAZ: "Common sense", is a damn good place to start..


Hmmmm Common Sense is pretty subjective depending on who it's coming from!! I would hardly call one's opinion, facts cheers
HJFinAZ Sun CIty, Arizona USA
alexey8: The worst part is, nothing is going to change. The majority of the politicians have became so greedy, that they forget about the American people they represent, they only care about staying in office and making money. They can't make a budget for this country, no matter what party it is, their answer always involves spending more more that we don't have. And its not going to change, because people aren't going to vote on the important economical issues. No, the majority of people go to vote for social issues, issues that shouldn't have any business in the government, abortion, gay rights, who should we rename a park after, and all this social nonsense. Even health care reform, do we need it? yes...but maybe we should trying making a budget for the economy first.


Of course everything is going to change, O'Bummer promised it to us..rolling on the floor laughing rolling on the floor laughing

So, how do you like your change now days??dancing
alexey8 Chico, California USA
HJFinAZ: Of course everything is going to change, O'Bummer promised it to us..

So, how do you like your change now days??


Is this like the whole Santa Claus thing, when you believe early on, but then realize its not like they advertised it dunno laugh
toranoga Decorah, Iowa USA
The unemployment rate today is 17.6% if you count those who have run out of unemployment benifits, high school and college graduates seeking employment but are not counted in the workforce because they have not been previously employed full time and those laid off from less than full time jobs. Source, Dept. of Labor statistics.
National debt, local and state debts and contingent liabilities currently amount to $105T, or $350,000 per capita. Annual per capita interest at 4% amounts to $14,000 per capita if no further liabilities are incurred. Current GDP is about 14T, so the total of all debts is 7.5x GDP. Source, 2009 World Almanac and Book of Facts and national debt meter.
toranoga Decorah, Iowa USA
109 banks have closed so far this year(Bank implode-o-meter, FDIC), the FDIC is short of capital(FDIC quarterly statement), state governments have already disclosed necessary layoffs, there are soup kitchens and food pantrys across the country that are currently screaming for donations as useage is increasing nearly every month, car sales dropped from 17.6 million annual units in 2007 to 10.8 million units today and the 5M number is assuming unemployment rises as expected.
Deflation follows inflation when employment and demand decline(Econ 101), Dow 3200 is based on nothing more than P/E ratios holding steady on projected foreward earnings(Daily Reckoning). After reaching a low in Oct. 2009, mortgage resets in 2010, 2011 and 2012 will exceed the numbers at the peak of the subprime crisis(Market Oracle, Mortgage lender inmplode-o-meter).
The reason why loans are not being made now is because the interest rates and returns are low and bank reserve requirements have been raised. If you look around, many who are making consumer loans are charging 9.9% or more, so it is not a streach to speculate that they will rise to the rates they were in the 1980's, when we were also in a recession.
BebeII Concordville, Pennsylvania USA
Michael211_2000: Bout time the illegal aliens go home!

- Michael
thumbs up
BebeII Concordville, Pennsylvania USA
HJFinAZ: Of course everything is going to change, O'Bummer promised it to us..

So, how do you like your change now days??
CHANGE-The only thing we'll have left in our pockets by the time these B******'* are done legislating.
RobertC2 Xaghra, Gozo, Gozo Malta
BebeII: CHANGE-The only thing we'll have left in our pockets by the time these B******'* are done legislating.


BebeII - calm down dear............. these things are all good for the soul and stuff.

You shouldd never let politics upset you - now, if only you could find a good man to upset you that would be nice! batting
BebeII Concordville, Pennsylvania USA
RobertC2: BebeII - calm down dear............. these things are all good for the soul and stuff.

You shouldd never let politics upset you - now, if only you could find a good man to upset you that would be nice!
laugh I can't say that any I know bug me-they all tend to be good natured.
RobertC2 Xaghra, Gozo, Gozo Malta
BebeII: I can't say that any I know bug me-they all tend to be good natured.


Dang - you need a grumpy ill-natured old man to make you squirm and take your mind off politics........... you know politics is a manly thing and a good Republican type woman should stay at home breast feeding her kids and making nice food to welcome her man home with! hug
Englishman55 Cortona, Tuscany Italy
toranoga: If you think the economy is bad now, by the time the 2012 elections take place, you will have seen:
The labor department stating headline unemployment of more
than 18%.
Major government layoffs at all levels.
Dow 3200
Illegal immigrants returning to their home countries.
Soup lines
50% deflation from the 2007 peak.
Annual car sales of 5M units.
Mortgage delinquencies rates of 30%.
20% interest rates.
Will Obama have caused it? No, the problems have been building for 6 decades and even if health care, cap and trade, etc., etc. pass congress and are signed into law, there will not be sufficient capital available to fund them regardless of what the tax rates are raised to. There will be no new public works plans funded, schools will reduce hours and those eligeable for Social Security will continue to work because they will not have sufficient incomes to retire on.
Give your thoughts.


If you speak to the people in the "know" in the UK they are saying similar things, with the same timelines too.
You are right it's not just America who will suffer.

Good post



senorbubble Golden Valley, Arizona USA
Who didn't know this would happen? During the housing/mortgage boom SOME moron was writing the greeter at Wal-mart a mortgage for a $400K home and nobody flinched. Pervasive greed for as long as I can remember noticing (40+years) had to burst sometime. Now, we have to get back to old-school American values and be the self-sufficient, resourceful, nationalistic folk that led the world although we were the comparative New Kids on the block. Like many others who came here, I could return to another country but I believe that the same dream that brought us here can bring US back. Be ready for the fight and stand together like we haven't done in a LONG FRIGGIN TIME.
RobertC2 Xaghra, Gozo, Gozo Malta
Englishman55: If you speak to the people in the "know" in the UK they are saying similar things, with the same timelines too.
You are right it's not just America who will suffer.

Good post


People are already suffering.

Many more will suffer unemployment before the full effects have run their course.

I suffered a huge financial loss myself for several months as I saw my investments going down the toilet; eventually I rolled up my sleeves, stuck my arm down the toilet and wiggled my hand around until I got hold of some good shit investments.

I've since made up all my loss and gained a lot more. I've been very lucky, but I feel for those who have lost almost everything through no direct fault of their own.

Hope may spring eternal in the human breast, but so many peoples' lives have been devastated it can be terrible for them.

My heart really does go out to them - and I do my best to help people I know who have fallen on hard times and try to get them back on their feet.
Medsummer09 Long Island, New York USA
Good Post???
No, not unless you like listening to fear mongering from another self appointed expert.




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