The Greater Depression is HERE. The time to prepare for coming dark days is over. The time to protect your family and wealth is NOW. Fortunately, there is still time.
Banks are failing at rates even higher than last year. Despite the assurances from the White House that the economy and employment are growing, UNEMPLOYMENT is already at a level unseen in the U.S. since the Great Depression, and the situation is getting worse.
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The Huge Threat to the US Economy
Posted on July 23rd, 2008 No comments
Jim Jubak says that we’re in a great deal of danger, that the US economy is in a precarious position because of the $5 Trillion Fannie Mae/Freddie Mac debacle.That he’s right isn’t the point of my mentioning it, that it’s Jim Jubak saying things like this is:
With $5 trillion in financial paper in the markets tied to these two companies, a failure at one or the other would panic the U.S. and every other financial market in the world.
We wouldn’t have to wonder about whether the U.S. economy would slip into a recession because we’d be in one — and looking a depression straight in the eye.
Jubak is extremely smart, experienced and mainstream. He’s not a doom and gloomer, and often debunks these kinds of ideas. Read his article Financial Doom and other Fairy Tales and you’ll see he’s no Chicken Little.
But, in the Fannie/Freddie situation, he’s looking up and seeing something that might fall.