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7 Bumps

Is the Day of Reckoning on it's way??

Banking industry collapse...real estate market collapse...employment collapse..

We haven't seen anything yet. The 30+ year Ponzi scheme fueled by municipal bonds is about to (finally) hit the wall in states from coast to coast.

http://www.cbsnews.com/stories/2010/12/19/60minutes/main7166220.shtml

The next financial meltdown....Are the chickens coming home to roost?

 
goodwitch399

Asked by goodwitch399 at 8:02 PM on Dec. 22, 2010 in Politics & Current Events

Level 26 (28,255 Credits)
This question is closed.
Answers (22)
  • I've been saying for sometime now, that this country has not hit financial rock bottom YET...especially since the Obama Administration has been propping up business and industry for the past 18 + months, giving American (especially his supporters) reason to believe that the recession is over and all is right with the world. It couldn't be further from the truth!! Summer of Recovery?! Puhleese!! We'll be lucky if we see the "decade of recovery" at best!

    Sorry to be such a "downer," but it's true. :oI
    LoriKeet

    Answer by LoriKeet at 8:29 PM on Dec. 22, 2010

  • I have no doubts that things are going to get very bad ~ and sooner rather than later. There is a limit to how much they can tax people before people would be up in arms (across the pong they riot ~ because guns are banned in many countries). Right now the states are not paying people who are working, but paying out welfare to those who won't (I have no gripe with people who can't). They aren't paying those who provide for those receiving welfare. In spite of the record deficits states are continuing to blow money on 'cosmetic' items instead of diverting money into payroll and debt.

    I live in SC. People couldn't wrap their heads around Sanford wanting to use the stimulus funds to pay off debt ~ but he was right. Now the debt is due and there is even less money.

    Yes, I expect things are going to get ugly. Very ugly.
    Farmlady09

    Answer by Farmlady09 at 9:10 PM on Dec. 22, 2010

  • We have only seen the tip of the iceberg. Obama has made the same mistakes that FDR made when the depression hit. Look how long it took to get passed that. It will be harder this time.
    Carpy

    Answer by Carpy at 1:42 AM on Dec. 23, 2010

  • Like Lori, I have been saying the same thing for about 6 months. When the Feds stop propping everything up, the real bottom will hit. More Foreclosures are set to begin after Jan. Not new news. Soon, the bond market.
    The time to worry about a recession, is not during a recession. I guess for all of those who worried the sky was falling years ago, are sitting pretty right now.
    but don't worry....Obama is STILL here to save the day. right?
    jewjewbee

    Answer by jewjewbee at 7:16 AM on Dec. 23, 2010

  • I heard this on TV the other day when they interviewed this lady. Our local radio stations have been talking about this for a year.
    People know there is to much money being spent and they know the unions are part of the cause. Still it really has not hit the general population. It will, I just hope it isn't to late.
    itsmesteph11

    Answer by itsmesteph11 at 9:24 PM on Dec. 22, 2010

  • Over spending and Unions pensions are hurting a lot states and cities. Unions will not budge either. I think it is going to get a lot worse too.

    Natesmom507

    Answer by Natesmom507 at 11:31 PM on Dec. 22, 2010

  • The riots and other things across the pond really concern me. :-(
    SavageGrl

    Answer by SavageGrl at 8:38 PM on Dec. 22, 2010

  • If I ran my finances like the Gov handles theirs I would be on welfare right now. So I won't be surprised or shocked when things get worse. We have seen the writing on the wall for a few years and we will be fine financially but so many others won't be when the Gov can't afford to pay out unemployment, food stamps and welfare benefits anymore. We will have mass riots and worse when that happens. Glad we have some guns and ammo.lol
    Anonymous

    Answer by Anonymous at 9:04 AM on Dec. 23, 2010

  • it will have already passed before most people realize it.
    lovinangels

    Answer by lovinangels at 11:13 PM on Dec. 22, 2010

  • Lorik… ✔

    agentwanda

    Answer by agentwanda at 11:34 PM on Dec. 22, 2010

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