Your number one source for news about the coming economic depression

Wang Rong, who is six-months pregnant, is about to leave Beijing for California so she can give birth to her baby in the United States and give the child its first gift – US citizenship.
According to little Tommie Friedman in the New York Times China is supposed to be like heaven whereas America is supposedly [...]

“America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economic indigenisation regulations. “Zimbabwe has no elected government. The coalition government has failed to implement the [...]

“Carolyn Angelette said around 100 clients have canceled summer rentals in Grand Isle, LA. Other clients have postponed plans to buy a home until they see the full extent of oil damage. At this rate, she warns, her Century 21 office will go out of business.”

It is obvious BP will be in litigation for decades [...]

“A rumor that Spain will ask for 280 billion euros of aid money in order to deal with its debt is running in the past few hours in trade rooms. This is what’s bringing down the Euro.”

It appears that bailing out Greece wil not be enough to save the European community as Spain is another [...]

“Goldman Sachs are scum– that’s the bottom line. They have basically co-opted the government; they’ve co-opted the Treasury Department; the Federal Reserve functionality; they’ve co-opted the Obama administration. Barack Obama dances to Goldman Sachs tune.” — Max Keiser

Just remember, Hank Paulson [former CEO of Goldman Sachs then Secretary Treasury USA] took Congress hostage– took them [...]

“The International Monetary Fund (IMF) has proposed new taxes on financial institutions to cover the costs of future potential bailouts, leaked documents show.”

According to the IMF proposals circulated to the Group of 20 advanced and developing countries on Tuesday, the measures would see all institutions pay a bank levy as well as a further [...]

“This was all inflation dependent financing. If the Federal Reserve and the rest of the world continued to inflate, cheap money would have bailed these projects out. With the Fed halting money printing, there are not enough dollars to support this debt structure.”

The Greeks are in a real pickle, but it is one they will [...]

“If we don’t do it, you know this whole city is going to go down. I’m hopeful people will understand that,” Bing said. “If we can incentivize some of those folks that are in those desolate areas, they can get a better situation.”

Detroit Mayor Bing emphasizes need to shrink city
Mayor says it’s not ‘an easy [...]

More than 11.3 million homeowners — nearly one-fourth of all Americans with a mortgage — owe more on their loan than their home is now worth, according to a report released Tuesday by FirstAmerican CoreLogic.

As long as

real wages for the working class decline
good paying middle class jobs are outsourced for cheap labor
government refuses to reign [...]

“Reading the newspapers these days, you have to wonder whether Canada was on another planet when the global credit crisis hit.” — Murray Dobbin

All the news reports from Canadian real estate associations touting that the housing “recession has ended” is just about as worthless as the hot air coming out of politicians mouths. Very [...]

“Now we know that January 25th is the date that the state of California has decided to begin jeopardizing public safety with no perceivable financial benefit,” said Weber

The justice system is profit driven and thus wholly corrupt. The problem exists not only in California but throughout the nation. California only escalated their woes by creating [...]

“Frugality is the new fashion and likely to stay that way for years,” highlighting a secular shift toward prudence and conservatism because households are traumatized, tapped out, and mindful of a bleak outlook.

The few greedy cheaters among us have been a major factor in the creation of the impression of economic growth that led to [...]

“Economists are worried about consumer spending in the months ahead given their forecasts that unemployment, currently at 10 percent, will keep rising until perhaps midyear.”

Obviously the only way sustainable growth can occur in this and all countries is by private growth because government growth is false growth. Government spending tax dollars in an attempt [...]

“There must be thousands of people dead.”

The West (this includes Canada & at least the USA) helped overthrow Haiti’s democratically elected government because their President wanted to actually help the people get out of poverty. Then many Western nations went along with the US in destroying the entire economy by flooding Haiti with American [...]

“So how does America rank on the Greenspan-Guidotti scale? It’s a guaranteed default.” — Two well-known economists – Alan Greenspan and Pablo Guidotti – published the secret formula in a 1999 academic paper.

The only way out is to raise interest rates as the US dollar starts to fail. It will fail in the summer of [...]

” Go ahead. Break the chains. Stop paying on your mortgage if you owe more than the house is worth. And most important: Don’t feel guilty about it. Don’t think you’re doing something morally wrong.” –message of a new academic paper by Brent T. White.

Don’t just walk away too quick. Many (banks, mortgage companies) aren’t [...]

“There was a time when investment in this country meant to borrow money to increase manufacturing capacity, research and development. Now investment funds are used for mergers and acquisitions that create no wealth.”

As long as there is a financial gain associated with a function that should fall under the category of public affairs, there will [...]

“The public has lost all confidence in your ability to the do the job, and it is reflecting on your president.”

Geithner and his Wall Street government insiders know exactly what they are doing and that is protecting their corrupt friends at the top of Citi, AIG, Goldman Sacks, and Bank America — the top recipients [...]

Caseworkers Fear For Their Safety
UPDATED: 5:56 pm EST November 16, 2009 ClickOnDetroit.com
LANSING, Mich. — Michigan caseworkers who deal with food stamps and other aid programs say they have never been so overwhelmed — or so worried about their safety.
Some clients have begun taking their anger out on the very people who are offering help.
One frustrated [...]

All the news reports from US and Canadian real estate associations touting that the housing “recession has ended” is just about as worthless as the hot air coming out of politicians mouths. Very low interest rates made houses and condos too expensive, especially compared to the price of renting equivalent properties. Logic dictates that this [...]