I'll stick to my tag line.
Posted on 10/17/2009 7:52:15 AM PDT by NRG1973
This global recession will turn into a "full-blown depression," Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn't come down to Main Street.
Wall Street is making money, while consumers aren't, Harajchi told CNBC.
"We have seen the G20 coming out with cross border capital injections of $5 trillion this year… But a lot of this money hasn't really come down to Main Street," he said.
"When it comes down to corporate America, corporate Europe or even in Asia, in Japan, we are not seeing Main Street making any money," he said. "Consumers are losing their jobs. They are struggling with their mortgages, with their credit. And we are just seeing this continuing."
The $5 trillion injection is "monetary expansion," according to Harajchi. "At some point, which we believe to be 2010/11, some of the central banks are going to recall some of that money and that will turn from monetary expansion to monetary contraction."
(Excerpt) Read more at cnbc.com ...
I am starting to think that this could happen, but everyone will carry on anyway. There will be 10% unemployment, but the other 90% will continue working and doing reasonably well. No collapse, just a long slog.
Most governments are broke. Massive government layoffs are coming.
Or as Jimmy Carter would say “malaise”.
This means either by drastic simplification of the Internal Revenue Code to favor personal savings and capital investment, going to a 4-6% no-deductions flat tax, or ditching the income tax altogether in favor of a true consumption tax like FairTax.
They are already laying off in Virginia and Los Angeles.
The high cost of electing depraved people to political power is resulting in the downfall of America as the blind lead the blind into a ditch.
History is replete with nations rising and falling and so it is with America.
We certainly had our good years.
Blessed is the nation whose God is the Lord but sin is a reproach to any people.
Amen. We have moved to a freedom shunning nation of slaves. All bow to the benevolent Master OBAMMY.
Their will be alot of people sitting on their door steps rifle in hand waiting for the creiditors to come knocking.
One does not have to be a economist to realize crap is going to hit the fan.
Will middle/upper middle class America qualify for welfare? I applied for a good county job, am very qualified...was told it was a new special program under 0bama and I had to make less in household 5K a year and be black/hispanic/illegal would have qualed me better.
“Massive government layoffs are coming”
...I doubt it....
Not the feds....
Spirit,
You have nailed it.
There will be a global depression with America on the bottom.
The UN and 0bama will seemingly save us all with their communistic governance.
These problems started under Clinton. They were greatly magnified under the Bush administration, and then pushed beyond the point of no return by Obama. We all know the left is clueless. What I hope Freepers are starting to see is that Republicans have failed us. Back under the Bush administration, people who pointed out the emerging economic problems were ridiculed here on FR. Now, it is clear those problems were real, and devastating. We have constantly heard on FR the refrain that third party votes are a waste, that we should hold our nose and vote Republican as a preventive measure. What do you expect from a party that you fail to hold accountable? You reap what you sow. The Republicans are as much to blame as the Democrats for these problems.
The right thing to do economically right now is to let the recession purge the economy of failed businesses, and to prosecute anyone that engaged in fraudulent activity. Do you think a Republican administration would have the balls to do that? No way. Politicians always try to push off the consequences of their reckless policies to after the next election. And so they blow ever larger bubbles via deficit spending. Now that consumer borrowing is saturated, the feds have become the borrower of last resort, and in the process they will destroy the dollar, and the result is not going to be pretty.
I'll stick to my tag line.
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