“The recovery is unfolding in a reasonably normal fashion, including the doubt.” Achuthan said.
By Daniel at 5 July, 2009, 11:14 am
-Job losses still at 500,000 per month when in the initial stages of a recovery usually see 250,000 growth in jobs
-Toxic assets still on books after accounting change
-Federal deficit of 63,000 per second and states issuing IOUs
-Moratoriums on foreclosures, because banks can’t keep up
-Foreclosed homes placed into other real estate on banks balance sheets and not listed for sale
-Social security and Medicare going negative
-New taxes coming out of the woodworks
That’s not a reasonably normal fashion of recovery as I see it.
Signed
Doubting okinvestor
by Martin D. Weiss, Ph.D. 07-05-09
Martin D. Weiss, Ph.D.
This is a day of reckoning for California and, ultimately, for all of America.
Will our nation’s largest debtors meet their massive financial obligations? Or will many ultimately default?
In California, the answer given by the state Treasurer’s office was a commitment never to default, seeking to directly refute my forecast issued here 13 days ago under the headline “California Collapsing.”
According to the BusinessJournal:
“The California’s state Treasurer’s office on Monday refuted an analyst’s recommendation last week that investors dump California municipal bonds and that the state is likely to default.
“Analyst Martin Weiss of Weiss Research said in a June 22 report that California’s financial woes create a very high probability’ that California will eventually miss debt service payments.
“Mr. Weiss’ analysis and recommendation, to put it kindly, is misinformed,” responded Tom Dresslar, a spokesman for state Treasurer Bill Lockyer. “Even the credit rating agencies said, in announcing possible downgrades, that the likelihood of default is low.”
Ironically, just two days later …
California Defaulted on Its
Short-Term Debt Obligations
Read more:
http://www.moneyandmarkets.com/day-of-reckoning-34501
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