Mike Whitney, in his latest article, has done an excellent job in summarizing what I have been trying to convey in this blog and my personal e-mails to folks. Please read all of it (or as much as possible) and understand why we are destined for a recession at best and, more than likely, a depression at worst.Short of banks saying to all the ARM borrowers; “don’t bother to pay that interest rate increase on your mortgage payment”, which is not likely to happen, a sharp downturn in our eceonomy is destined to occur.
Chicken Smith View:
Ignoring this stuff will not make it go away. This is also not a self-fulfilling prophecy that will be brought upon the nation by all the nay-sayers and public fear. We are in real danger of a major economic catastrophe that has already been set into motion by forces outside of the control of wishful thinking. So ignore this at your own peril.