Posted on 02/23/2009 8:46:10 PM PST by TigerLikesRooster
Red Alert: Major Meltdown Imminent! Your Escape …
by Martin D. Weiss, Ph.D. 02-23-09
Martin D. Weiss, Ph.D.
The nation’s largest banks are so close to collapse and the world economy is coming unglued so rapidly, a major Wall Street meltdown is now imminent.
Specifically, it’s now increasingly likely that virtually all of our forecasts of recent months could come to pass in a very short period of time, including …
* Stock market crash: A swift plunge in stocks to about 5000 on the Dow, 500 on the S&P 500 and 900 on the Nasdaq … or lower. (For our reasons, see “Stocks to fall AT LEAST another 40%!“)
* Corporate bankruptcies: A chain reaction of Chapter 11 filings or federal takeovers, including not only General Motors and Chrysler, but also Ann Taylor, Best Buy, Jet Blue, Macy’s, Saks Fifth Avenue, Sears, Toys “R” Us, U.S. Airways and even giants like Ford or General Electric.
* Megabank failures: Bankruptcies or nationalization not only of Citigroup and Bank of America, but also JPMorgan Chase and HSBC. (See my January issue, “Megabanks Could Fail Despite Federal Aid.”)
* Nationwide epidemic of small and medium-sized bank failures: Outright FDIC takeovers, with little prospect of nationalization. (I’ll give you a link to our free guide with a more extensive list in a moment.)
* Insurance failures: State takeovers of companies like Ambac Assurance, Bankers Life and Casualty, Conseco, FGIC, Medical Liability Mutual, Mortgage Guaranty Insurance, Nuclear Electric Insurance, PMI Mortgage, Standard Life of Indiana and many others. (Our free guide also contains a more extensive list of insurers.)
* Cities and states: An epidemic of defaults by thousands of cities, states and other issuers of tax-exempt municipal bonds.
(Excerpt) Read more at moneyandmarkets.com ...
As a farmer, I am dealing with this. We may or may not be financed, we’ll find out for sure tomorrow morning. We have a small farming community but only 3 of the operations have any financial health and I hear that a few have already been denied.
Last year we lost around 60% or our crops. The weather was freaky. It was so dry that irrigation didn’t do the trick because the wind would blow in the dust and the static electricity would just zap the plants, they looked like they had gone through a hard freeze. It was surreal, it felt like we were on another planet, I’ve never seen anything like it in my 55 years.
That was after 2007 when we had a 5 minute hail storm that destroyed our already mature crops. So much of our local economy depends on agriculture that I don’t see us getting jobs easily.
We know what it is like here but we hear that there are a lot of farmers in Texas going broke and there is news that California farmers might not be receiving all the water they need because of the drought.
The markets last year were crazy because the speculators were just playing with the market and no one wanted delivery of the actual product so things went cheap.
I am going to plant as large a truck garden as I can handle...if I possibly can.
Big grocery day tomorrow. Stock and store in place off property.
you optimist!
Or lower--I say to 3000. This stinkulus is doing nothing. It is time to put our financial system up on the rack and do some major rebuilding.
2 billion, tops!
if 2 billion die, that will ease the food shortage considerably
I say, smart move. Meat will become unaffordable.
* Rice = 50%
* Corn = 35%
* Wheat = 30%
These percentages are for the whole world. These seem a bit high for just one country to have.
Yes! And, he has a sure-fire cure for baldness, PMS and “Things that make you go HMMMMM....”
bttt
Ummmm, actually I made a late mortgage payment this month. It was the very first late mortgage payment I have ever made in my life (I'm closer to 60 than 50).
Next month, no payment. After two years of unemployment, I'm tapped out.
Evil me. I was merely hoping that if only I could convince enough other people to pay late, or skip paying entirely, my little failing would get lost in the shuffle.
I'll confess, I'll confess only if I can plea bargin for no Helen Thomas coochee coochee show!!!
when they ask for the payment ask them to produce the original note.
http://www.chicagotribune.com/business/chi-sun-fighting-back-homeownersfeb22,0,6335582.story
delay forclosure by demanding the original note?? ChicTrib
I've arranged a few months of 'forbearance'.
That’s on the list of things to do.
With any kind of luck (any kind except bad) we’ll get some funding to get the company exhumed.
We’ve got an enabling technology for a huge volume much needed product.
if that works, give me a job!
Damn. You too?
Time to buy! Or sell! Argh! Nite!
lol.
yup, but I was poor before the recession. I beat the rush,
I say that a few million people suddenly increasing their deductibles on their W2 would send a big loud message.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.