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But a painful part two of the slump looks set to unfold: Many more U.S. homeowners face the prospect of losing their homes this year as banks pick up the pace of foreclosures.
"We are right back where we were two years ago. I would put money on 2012 being a bigger year for foreclosures than 2010," said Mark Seifert, executive director of Empowering & Strengthening Ohio's People (ESOP), a counseling group with 10 offices in Ohio.
Most of the computer scenarios found population and economic growth continuing at a steady rate until about 2030. But without "drastic measures for environmental protection," the scenarios predict the likelihood of a population and economic crash.
However, the study said "unlimited economic growth" is still possible if world governments enact policies and invest in green technologies that help limit the expansion of our ecological footprint.
In 1972, the book “Limits to Growth” was published. It argued that unchecked consumption and economic growth on our finite planet was leading the Earth towards ‘overshoot’ of its carrying capacity, followed by disaster.
In 2004 an updated edition was published; “Limits to Growth: The 30 Year Update“. Analysis of data gathered over the time since the first edition showed that the original models appeared to be realistic. Oil industry expert Matthew Simmons was quoted on the cover of the 2004 edition:
get this, not just for houses but for those nice new condo's ect.... billions of dollars are here in damages... this will kill the construction/ x industries....
Dean Singleton, chairman of the Associated Press board, showers President Obama with praise before he addressed the audience: "As president, he inherited the headwinds of the worst economic recession since the Great Depression. He pushed through Congress the biggest economic recovery plan history and what a government reorganization of two of the big three American automakers to save them from oblivion. He pursued domestic and foreign policy agendas that are controversial to many, highlighted by his signature into law of the most comprehensive health care legislation in history ..."