Adding facts to the concerns we have -- law
Get Out Now - Economic Collapse Has Begun
...improving corporate profits [may have given you false hope, but] the increase in profits were not a recovery but the equivalent of a toilet bowl filling up with lots of water when the handle is pulled. Lots of dollars that we didn't have were sent to corporations through Bush's two rounds of tax cuts, and so sure a lot of cash was showing up with corporations. But, none of it was going toward job creations.. it was all just creating a massive deficit - an empty toilet tank, if you will. And so it was clear that rush people were calling a recovery was just the whirling surge of water, and that the vacating flush would follow
...The swirling surge of the tax cuts before the flush is over. Ladies and gentlemen, the flush has begun... As if the deficits weren't enough, as if the lack of direction for the economy wasn't enough, there are even more factors now involved.
(cont)
- First, oil prices
- Second, America's economy has been so good because we've led, particularly in the area of technological advances ..while America is still at the starting gate with regard to both due only to the fact that the GOP worships oil and stands in the way of biotech ..America - even without a deficit and oil price drain - is set to lag.
- Thirdly, make no mistake, the housing market will collapse - not necessarily because it is straight out overinflated, but because of something called ARMs..
The ARM: A ticking bomb which will blast the housing bubble
ARM loans are actually second loans on top of the actual mortgage. The way they work is that people borrow far more money than they can afford to pay on. But the ARM loan is set so for the first 5 years there is ultra-low payment - interest only. The sales point on these was, "If you plan to sell your house within five years, this loan is perfect for you." ..Now to be clear: people have taken out these mortgages knowing they can not even remotely begin to afford the massive "balloon payments" that begin usually at year five. They must sell. Well, it is about year 3 now since these loans began proliferating. See where this is leading? Yes, within the next couple of years, these people will all be forced to sell there homes. With the economy taking a dive, a price bubble waiting to pop, and a sudden surge in houses onto the market from the ARM-loan people, it will not bode well for the housing market..
Empires fall
Historical reality check: virtually every great empire or nation has collapsed due to entering into stupid wars that bled them dry and gluttonous economic thievery on the part of the rich and powerful of the nation. America has both things happening at the moment, combined with a stifling of the economy by Dark Age religious fundamentalism.
It is no joke: an all out economic collapse has begun for America. Take your money and stick it in your pillow now.