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The Beginning of the 21st Century Depression Era March 18, 2008

Posted by truthspew in Uncategorized.
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The more I and my friends look at the indicators the more we come to believe that we’re heading into a depression, not a recession.

Chief among the indicators is the unemployment rate. The government would have you believe it’s only 5.6% of the working population but they don’t count those who have exhausted their unemployment benefits. I’ve seen estimates that as many as 1 in 4 or 25% of the population is out of work. That’s bad! Look around your social group, I bet if you do the math you find at least that amount.

Another indicator is the price of fuel. I just went by a gas station where the price of diesel is now $4.13 a gallon. This puts it on the same level of heating oil which is going for $3.51 a gallon, in fact a little more since if you add the 48 cents in taxes to the heating oil it comes out to $3.99, so in essence they’re now charging 14 cents a gallon for the purple dye in diesel fuel. You do realize that everything we eat, wear, etc. is transported in trucks that use diesel fuel. Who do you think is going to absorb the increased fuel costs? It won’t be the producers and manufacturers that’s for sure. And I’ve already noticed supermarket prices starting to rise astronomically.

Then of course we have the Bear Stearns collapse. For that is truly the correct word since their stock went from a high of $61 a share until they were finally bought by J.P. Morgan, courtesy of our tax dollars. Expect to see one larger bank undergo the same thing. My guess is it’ll be CitiBank or Bank of America since each had huge write-offs of bad mortgage debt.

And what will the new depression look like? If you surf the web you’ll find things like the housing voucher program in Boca Raton, or the Tent Cities in New Orleans, or this one in Ontario, CA.

It is getting downright ugly. We need to rise up and fight.

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1. Bad Debt » Blog Archive » The Beginning of the 21st Century Depression Era - March 18, 2008

[…] Read the rest of this great post here […]


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