Replies

Some people just do not want to listen. Thousands of others have not learned to read and understand. To make matters worse these same idiots claim to know everything.

A short excerpt. The emphasis and paragraphing are mine:

THE WORLD HAS LOST HALF OF ITS EQUITY MARKET WEALTH ($29 TRILLION) since last October. The negative wealth effect will be DEVASTATING.
In the U.S., we are only just beginning to see the strain of tighter credit on consumer spending. As corporate earnings decrease and workers are laid off, the cycle of delinquencies and defaults will get worse.
In Europe, the “real” economy is already in recession in many countries, and there is a guillotine hovering above the necks of most of the Eurozone. Despite the popular belief that European households are not highly levered – many countries including Ireland, the U.K., Denmark and the Netherlands have more household debt than their national GDP and European banks have been as bad or worse than U.S. banks in terms of overleveraging themselves.
The same cycle of lower earnings, higher unemployment, lower spending, and higher delinquency rates will pervade Europe. We believe that the structural nature of the European economy and public policy will only exacerbate the problem. * * *

The problem is global. I excised all other parts of the article. Please read it in detail. 'Nuff said. Oh, well. Nothing to see here. Time to move on.