Another article portending DOOOM. http://www.moneyandmarkets.com/Issues.aspx?The-Credit-Collapse-of-2008-1520
"The Credit Collapse of 2008 has begun. The place is every home, business and government. The time is now. The credit collapse is not just an ordinary recession that repeats itself with each new business cycle of the 21st century. Nor is it the Great Depression returning to haunt us from the depths of the 1930s. The credit collapse is a sudden surge in debt defaults by borrowers .... and an equally sudden disappearance of new loans by lenders. It's an unprecedented surge in home foreclosures ... and an equally unprecedented cutback in new home mortgages. It's causing unexpected corporate bankruptcies ... plus equally unexpected demands by banks to put up more collateral. It's threatening to sink businesses, paralyze local governments and gut the investment portfolios of millions of Americans. It's even starting to sabotage the best laid plans of government neutralizing the Fed's interest rate cuts ... pre-empting Congress' economic stimulus plan ... and threatening to strip Washington of its traditional powers to fight a recession. And I'm not the only one who sees this. Yesterday's New York Times reports ... that the government's usual fiscal and monetary policy tools are failing ... that this failure is raising questions about what more the Fed can do, and ... that its actions so far have done little to counter sinking housing prices, the falling stock market and disappearing jobs. "The Fed's main weapons against a downturn," says The Times, "are ill-suited to a crisis that stems from collapsing confidence about credit quality." Meanwhile, economist Edward Yardeni, formerly still holding to the theory that the economy was OK, has now reversed course. Ditto for economists at JPMorgan Chase and Lehman Brothers. They don't yet call it the Credit Collapse of 2008, as I do. But they see it just the same and they are beginning to recognize how serious its consequences really are. What they may not yet recognize is that the Credit Collapse of 2008 could attack everyone and everything that depends on debt, including, ultimately, the U.S. government. " ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:256182 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
