posted on Aug, 13 2010 @ 08:00 AM
"Is this finally the economic collapse?"
"On July 2nd, we cut both our third quarter 2010 and full year 2011 GDP estimates for the US to 1.7%. At the time, the consensus around US economic
growth estimates was about 3%. Now we're starting to see both big brokerage analysts and the Federal Reserve gradually cut their GDP estimates, but
not by enough. Even our estimate for 2011 is still too high.
With 40.8 million Americans on food stamps (record high) and 45% of the unemployed having been seeking employment for 27 weeks or more (record high),
what's left if (or when) QE2 doesn't kick start GDP growth? Should we start begging for QE3? Should we cancel the bomb of the National Association
of Realtors' existing home sales report, scheduled for public release on August 24th? Or should we bite the bullet and accept that current economic
policy dictates 0% returns-on-savings, even as Washington continues to lever-up our future to the point of economic collapse?"
"Lest our doom and gloom seem built entirely on technical measurements, what they boil down to is actually quite simple -- an idea about our country
which dates back to 1835. Alexis De Tocqueville, author of Democracy in America, which was published that year, seemed to warn of this day when he
wrote: "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
Well folks for the past few weeks I have tried really, really, hard to keep a positive out look for our economy. I was thinking or at least hoping
that we just might be turning a corner and that things might be improving.
I just cant do it anymore. Things are fundamentally, F’d up. All signs point south and there doesn’t appear to be any thing that can’t prevent
it from happening.
Well the scary truth is that we shouldn’t be trying to stop it from collapsing. The fed is holding up an anvil of debit with a leaf blower filled
with monopoly money. When the money runs out the anvil will fall. Just don’t be under it when it lands.
I don’t know anything for sure, but I got a bad feeling about this one. I hope I’m wrong.
[edit on 13-8-2010 by murfdog]