America's economy risks the mother of all meltdowns

[sweeps]

12 steps to financial disaster

[PauletteGoddard]

I am disturbed that the Comptroller General of the United States, David Walker, has resigned.

[jc3900]

NONONONONONONONO! David Walker can't resign, he is my avatar on another forum. Man we must really be screwed if Walker is resigning.

[Aleta]

Supposedly David Walker is going on to do other endeavors that will help the economy. Sometimes people need a break from their careers of many years. I saw him on TV yesterday and he seemed very upbeat about his new passion.

Also, the media is playing the bad message of the economy 24 hours a day. That can have a very negative impact on people's perception of what is going on. It's like people saying I think I'm getting sick because they hear of someone else's illness. Eventually, when that person becomes sick; he had his self-fullfilling prophesy agree with what he thought.

[Joan.of.the.Arch]

A lot of the article is well beyond my understanding.

[sweeps]

More pessimism:

1. Stagflation: Bernanke's no-win Achilles heel
2. Housing-credit meltdown: We've got a long way to go!
3. Commodities: World's new reserve 'currency,' not dollars
4. Toxic derivatives: World's $516 trillion ticking time bomb
5. Massive debt: Everywhere, trade, federal, states, local

[maat55]

Originally Posted by PauletteGoddard

I am disturbed that the Comptroller General of the United States, David Walker, has resigned.

Glenn Beck has had this guy on TV a few times. I believe the government has become obiest on spending and is doing nothing to turn around. I fear how Obama could add to this with his health care proposals.

[jIM_Ohio]

Stay employed and most of the problems will not even be felt by the average employed american.

My house payment does not increase with inflation.
If another bill does increase, that is why there is money in the bank.

The people which lose are people with high debt, or high variable expenses.

[sweeps]

The Federal Deposit Insurance Corp. is planning to beef up its division of resolutions and receiverships, which handles failed banks, by 40% this year. The division currently has 233 employees. Considering that only three banks failed last year, why do they need more examiners?

The ultimate sell signal: Part II (Part I was the resignation of David Walker)

[JBinKC]

I have been pessimistic about the situation of things to come for a long time now except for commodities. Its likely your only hope of staying ahead. As for a full fledged recovery by 2011 likely no in 2011 peak oil sets in and 2012 medicare goes bankrupt.

Look at Japan their stock market is now less than 1/2 of the level from 1987 because their government bandaided their banking and real estate bubble and it still looks like it won't recover.

We all here are more adept at saving money but unfortunately money is the thing you don't want to hold. You need to pay for things now if you can that you will need later.