Left: Fed Chairman Bernanke
Center: President George Bush
Right: Ex-Fed Chairman Greenspan
It's but a matter of time before the great stench of corruption in the banking industry can no longer be covered by the processes of creative bookkeeping, rate cuts, repos and false propaganda. Then the economic perfect storm will hit, and lay havoc on all the sensibilities of humanity who have put their faith in evil men while they willingly prayed to the gods of greed and mammon.
The Gathering Storm:
Just how bad is the credit crisis and how bad could it get?
How long will it last and how far will it reach?
“We don’t really know the answer to so many questions. We don’t know how deep the US housing downturn will be and how long it will last; we don’t know the ripple effect to the UK or other housing markets. We don’t know the implications for – and how much needs to be written off by – various financial institutions,” said Jack Malvey, Lehman Brothers’ global fixed-income strategist, a highly experienced banker who colleagues say has the brain power of a super-computer.
Housing Execs Warn the Worst Is Coming
A widely circulated Goldman Sachs report last month said more than $100 billion in additional bank write-offs and losses are on the horizon due to bad mortgage investments. And it warned that credit card debt and auto loans could be the next sectors to suffer.
National Debt Grows $1 Million a Minute
Like a ticking time bomb, the national debt is an explosion waiting to happen. It's expanding by about $1.4 billion a day — or nearly $1 million a minute.
Even if you've escaped the recent housing and credit crunches and are coping with rising fuel prices, you may still be headed for economic misery, along with the rest of the country. That's because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion.
That's $10,000,000,000,000.00, or one digit more than an odometer-style "national debt clock" near New York's Times Square can handle. When the privately owned automated clock was activated in 1989, the national debt was $2.7 trillion.
A major economic slowdown, as some economists suggest may be looming, could hasten the day of reckoning.