In the past year I've been called "Chicken Little", "Worry Wart", "Doom & Gloomer" and a number of other derogatory names regarding my views on the future of this country. As most of you know, I could give a rat's ass what anyone calls me. I've stuck by my guns, done the research and I'll continue to lay it out as I see it. But, you better get on the train soon, because the big boys are starting to jump on board.
Buffet warns of long, painful downturn
Bank of England: Protracted slowdown looming
Fed lowers growth forecast
Housing is about half-way done with it's fall. Oil is approaching $150 a barrel. Consumer's are tapped out and are cutting back on purchases. Salaries are stagnant. Commercial real-estate has just started to tank. Credit card and car payment defaults are just beginning to escalate. Worker hours are being slashed at recessionary rates (unemployment will follow). States and local governments are running deficits and they will only get worse...much, much worse. Corporate defaults are still near historic lows but rising (this will spike in the next year to normal recessionary level). The Federal government is running historic deficits and has passed the point of default on future obligations. The fed and congress are intent on destroying the US dollar. We have no legitimate leadership and no hope for it in the next election. I don't see how anyone can predict that we will see a recovery anywhere in the near future. This is gonna be a long and painful correction. There's still time to get on the train, but hurry up and make sure you get your "house" in order before you do. This one is gonna wipe out what little savings the majority of people may have built up.
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