Latest report, another 532,000 jobs lost. And wait until the shutdowns of suppliers because of the GM bankruptcy hit. Towns will be without their mainstays that supported the rest of the population.
One seventh of the homes are in the default/foreclosure process, and you expect these people to go out and buy big ticket items, cars, appliances, furniture, air-conditioning, what have you, or splurge on restaurant food.
And because of job loss and huge declines in home values, the prime mortgages are going into default, those with substantial down payments and payers with good credit histories.
And now the shopping centers are going into bankruptcy as the anchor store tenants go out of business and the smaller retailers shut down.
Yes indeed. Let the band play on as the Titanic is sinking. Danse Macabre.
Oh. Oh. The trillions in debt that Obama contracted, payable with printed money, will hit the market and uncontrollable inflation will rage with its economic and social destabilization.
With institutional bureaucracies stifling enterprise in running companies, buckle yourselves in as incompetence takes its toll. Are the media the next on the public teat as advertising revenue declines.
Right, let the band play on.
Detour. Detour, there's a muddy road ahead.
And a couple of things complicate the situation. Mortgages have been rewritten so the Great Depression bottleneck of insufficient court time to facilitate foreclosures that required court action, no longer exist. There are non-judicial foreclosures. Many of us will be homeless, which is destabilizing.
And fewer of us live on farms so we cannot subsist on what we produce regardless of what's happening in the world around us. Government intervention and food distribution will be necessary to avert widespread starvation, and when government revenues decline because of devaluation of property, less sales tax, and reduced income tax, the government just prints specie.
Even Topsy couldn't be optimistic in this situation.
