Tax receipts are 35% below normal and will go much lower.
By Daniel at 1 July, 2009, 3:03 am
Government and private unemployment accounts will be soon depleted. Immense, unsustainable retirement costs loom for State, city and county governments.
Swine flu is pandemic and just recently found to be Tamiflu resistant
Credit Default Obligations are going to bankrupt many State, city, county governments and pension accounts. This is another Wall Street fraud for which we will all suffer. This is hugh but is being ignored by the media. All public entities holding CDOs should be identified so we know the extent of the coming losses.
Commercial property defaults are just beginning and are going to be immense.
State moratoriums on home foreclosures to be lifted. Another, larger wave of home foreclosures is looming.
Credit card defaults are skyrocketing and will become much higher.
Banks are capital deficient & have severely reduced personal and business credit.
We are having to borrow to pay interest on our national debt. China will not allow this to continue.
Robbery and property crime are going to explode as police are laid off.
Hugh layoffs of teachers and college professors as States’ education funds are exhausted
Deflation in all segments of property market. Commercial property write downs will be immense.
Cap & Trade will become a hugh cesspool of greed and corruption. Economy will be “ENRONed” and everyone will get economically hurt.
Cap & Trade and other so called climate regulations will be put into a treaty and control of Cap & Trade will be completely removed from American citizens.
Bank holiday will be declared and dollar will be drastically devalued or replaced.
All Americans will lose one half to two thirds of their current wealth or more as dollar is debased.
Shopping at Goodwill and Salvation Army stores will become the norm for most Americans.
Michael
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