6/13/07 - The Great Depression II has officially begun...

[KAPital PHINUst]

...at least according to the Washington Post.

I have been watching for this historic moment since late '05/early '06 and I knew that this moment has been due for a long time coming: Brief article abstract as follows:

by Richard C. Cook

Global Research, June 14, 2007

It’s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite.

Pearlstein’s column was titled, “The Takeover Boom, About to Go Bust” and concerned the extraordinary amount of debt vs. operating profits of companies currently subject to leveraged buyouts.

In language remarkably alarmist for the usually ultra-bland pages of the Post, Pearlstein wrote, “It is impossible to predict when the magic moment will be reached and everyone finally realizes that the prices being paid for these companies, and the debt taken on to support the acquisitions, are unsustainable. When that happens, it won't be pretty. Across the board, stock prices and company valuations will fall. Banks will announce painful write-offs, some hedge funds will close their doors, and private-equity funds will report disappointing returns. Some companies will be forced into bankruptcy or restructuring.”

In laymen's terms:

"HEY [UNCLE] SAM! YOUR DEBT IS DUE, MUTHA[LOVER]!!

Rest of the article here

[Still BLUTANG]

as long as i don't see people jumping out of windows, i'll be o.k.

[KAPital PHINUst]

Originally Posted by Still BLUTANG

as long as i don't see people jumping out of windows, i'll be o.k.

You might see just that before it's all over.

Another article about the Great Depression II (coincidence? I don't think so...)

BIS warns of Great Depression dangers from credit spree

By Ambrose Evans-Pritchard

Last Updated: 9:02am BST 25/06/2007





The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood.

Virtually nobody foresaw the Great Depression of the 1930s, or the crises which affected Japan and southeast Asia in the early and late 1990s. In fact, each downturn was preceded by a period of non-inflationary growth exuberant enough to lead many commentators to suggest that a 'new era' had arrived", said the bank.

The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.
"Behind each set of concerns lurks the common factor of highly accommodating financial conditions. Tail events affecting the global economy might at some point have much higher costs than is commonly supposed," it said.

The BIS said China may have repeated the disastrous errors made by Japan in the 1980s when Tokyo let rip with excess liquidity.

Rest of link here

[KAPital PHINUst]

The fight for the world's food

Population is growing. Supply is falling. Prices are rising. What will be the cost to the planet's poorest?

By Daniel Howden

Published: 23 June 2007



Most people in Britain won't have noticed. On the supermarket shelves the signs are still subtle. But the onset of a major change will be sitting in front of many people this morning in their breakfast bowl. The price of cereals in this country has jumped by 12 per cent in the past year. And the cost of milk on the global market has leapt by nearly 60 per cent. In short we may be reaching the end of cheap food.

Rest of link here

[teena]

off topic

i no likey your signature. I get it..i dont like it

[DC_Zeta1920]

Interesting read.....

[KAPital PHINUst]

Originally Posted by Still BLUTANG

as long as i don't see people jumping out of windows, i'll be o.k.

While this article doesn't exactly involved someone jumping out of a window, its net effect is still the same. I just hope that it doesn't trigger a domino effect for others in the months ahead.

Lengthy SWAT Standoff Over Foreclosure Ends in Suicide
Published on Saturday, October 27, 2007.

A 12-hour standoff ended this morning with a north Houston man lobbing Molotov cocktails at Houston Police before taking his own life rather than vacate a home he'd lost to foreclosure.
James Hahn, a chemist, had told police he would not be taken from the home alive, said Capt. Bruce Williams, an HPD spokesman.
" 'You know what I do for a living and you know what I am capable of,' " said Williams, recalling one of the conversations police had with the man on Wednesday.

Rest of article here

[KAPital PHINUst]

Bump for the acquisition of Fannie Mae and Freddie Mac by the federal government,the bankruptcy of Lehman Brothers and the sale of Merrill Lynch to BoA, and the possible future fate of AIG.

You heard it here first.

[Honeykiss1974]

I'm not surprised at all.

Not to mention that the Bible tells of this....yeah, I went there. lol

Tin foil hat with matching vest.

[AlphaFrog]

You predict something long enough, and eventually it will come true.

I predict that one day cars will fly. Can I come back and quote this post when it happens and say told ya so??

[KAPital PHINUst]

Originally Posted by AlphaFrog

I predict that one day cars will fly.

Your prediction is actually 70 years too late. It has already been done, thanks to Glenn Curtiss' aviation protege Waldo Waterman, whose flying car the Waterman Aerobile successfully took flight in 1937. Subsequently, several other flying cars came into existence including the most successful to date, the 1949 Aerocar, which is still flying to this day.

(dang, after 20 years, that ROTC Aviation History class I took in high school have finally paid off).

Can I come back and quote this post when it happens and say told ya so??

*shrugs* Do you.

[AlphaFrog]

Originally Posted by KAPital PHINUst

Your prediction is actually 70 years too late. It has already been done, thanks to Glenn Curtiss' aviation protege Waldo Waterman, whose flying car the Waterman Aerobile successfully took flight in 1937. Subsequently, several other flying cars came into existence including the most successful to date, the 1949 Aerocar, which is still flying to this day.

(dang, after 20 years, that ROTC Aviation History class I took in high school have finally paid off).



*shrugs* Do you.

Forest for the trees, dude.

[KAPital PHINUst]

Originally Posted by AlphaFrog

Forest for the trees, dude.

I suggest your find better trees for your forest, dude-ette.

[mccoyred]

"The fundamentals of our economy are strong." John S McCain

[BlessedOne04]

Originally Posted by mccoyred

"The fundamentals of our economy are strong." John S McCain

ROTFL!!!!!