Tuesday, November 18, 2008

30 Reasons for Coming Depression?

Market Watch Paul Farrell presents 30 reasons why there could be a US Great Depression II by 2011. Here a few of those reasons below and the full list can be seen with the link below:
  1. America's credit rating may soon be downgraded below AAA
  2. State revenues down, taxes and debt up; hiring, spending, borrowing add even more debt
  3. State, municipal, corporate pensions lost hundreds of billions on derivative swaps
  4. Freddie Mac and Fannie Mae are bleeding cash, want to tap taxpayer dollars
  5. Hidden costs of $700 billion bailout are likely $5 trillion; plus $1 trillion Street write-offs
  6. The 800-pound gorillas: Social Security, Medicare with $60 trillion in unfunded liabilities
  7. Now 46 million uninsured as medical, drug costs explode
  8. New-New Deal: U.S. planning billions for infrastructure, adding to unsustainable debt

No comments: