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The Stock Market Crash Of 2011?

How far does the stock market have to go down before we officially call it a crash?  The Dow is now down more than 2,000 points in just the last 14 trading days.  So can we now call this "The Stock Market Crash of 2011"?  Today the Dow was down 519 points.  Yesterday, an announcement by the Federal Reserve indicating that the Fed would keep interest rates near zero until mid-2013 helped the Dow surge more than 400 points, but all of those gains were wiped out today.  It turns out that the Federal Reserve was only able to stabilize the financial markets for a single day.  Fears about the European sovereign debt crisis and the crumbling U.S. economy continue to dominate the marketplace.  With each passing day, things are looking more and more like 2008 all over again.  So what is going to happen if "The Stock Market Crash of 2011" pushes the U.S. economy into "The Recession of 2012"?

Just like in 2008, bank stocks are being hit the hardest.  That was true once again today.  Bank of America was down more than 10 percent, Citigroup was down more than 10 percent, Morgan Stanley was down more than 9 percent and JPMorgan Chase was down more than 5 percent.

Bank of America stock is down almost 50 percent so far this year.  Overall, the S&P financial sector is down more than 23 percent in 2011 so far.

How soon will it be before we start hearing of the need for more bailouts?  After all, the "too big to fail" banks are even bigger now than they were in 2008.

All of this panic is causing the price of gold to reach unprecedented heights.  Today, gold was over $1800 at one point.  If the current panic continues for an extended period of time, there is no telling how high the price of gold may go.

In the United States, much of the focus has been on the fact that the U.S. government has lost its AAA credit rating, but the truth is that the European sovereign debt crisis is probably the biggest cause of the instability in world financial markets right now.

The European Central Bank has decided to start purchasing Italian and Spanish debt, and there have been rumors that French debt could be hit with a downgrade.  Europe is a total financial basket case right now and unless dramatic action is taken things are going to get progressively worse.

Of course the U.S. is also certainly contributing greatly to this crisis.  The federal government is on track to have a budget deficit that is over a trillion dollars for the third year in a row.  The U.S national debt is a horrific nightmare, but our politicians keep putting off budget cuts.

The debt ceiling deal that was just reached basically does next to nothing to cut the budget before the next election.  Unless the "Super Congress" does something dramatic, the only "budget cuts" we will see before the 2012 election will be 25 billion dollars in "savings" from spending increases that will be cancelled.

The modest spending cuts scheduled to go into effect beginning in 2013 will probably never materialize.  Whenever the time comes to actually significantly cut the budget, our politicians always want to put it off for another time.

But in the end, debt is always going to have its day.  Our politicians can try to kick the can down the road all they want, but eventually a day of reckoning is going to come.

In fact, if the U.S. and Europe had not piled up so much debt, we would not be facing all of the problems we are dealing with now.

Things could have been so much different.

But here we are.

The truth is that this debt crisis is just beginning.  There is no magic potion that is going to make all of this debt suddenly disappear.

Most Americans have no idea how much financial pain is coming.  We have been living way beyond our means for decades, and now we are going to start paying for it.

Now that long-term U.S. government debt has been downgraded, huge numbers of other securities are also going to be affected.  In fact, according to a recent Bloomberg article, S&P has already been very busy slashing the ratings on hordes of municipal bonds....

Standard & Poor’s lowered the AAA ratings of thousands of municipal bonds tied to the federal government, including housing securities and debt backed by leases, following its Aug. 5 downgrade of the U.S.

That is the thing about financial markets - once the dominoes start to fall, the ripple effects can be felt for a long, long time.

So if this stock market crash gets even worse, will the Federal Reserve respond with even stronger measures?

They have already basically promised to keep interest rates near zero for the next two years.  So what else can the Fed do?

Well, many now believe that there is a very good chance that we could see another round of quantitative easing.

Not that more quantitative easing is going to help much of anything.  Rather than helping the economy, the last round of quantitative easing just pushed commodity prices through the roof.  But the Fed is unlikely to just sit there and do nothing while financial markets struggle.

But it is not just the financial markets that are having a difficult time right now.  Bad news is coming in from all over the economy.  The possibility that we could soon slip into another major recession is growing by the day.

Unfortunately, our economy is so weak already that a new recession would probably hurt even more than the last recession did.

Mark Zandi, the chief economist at Moody's Analytics, says that if we have another recession it "won't feel like a new recession. It would likely feel like a depression."

But the American people are in no mood for more economic pain.  Every recent poll shows that Americans are already fed up.

For example, a brand new Reuters/Ipsos poll found that 73 percent of the American people believe that the country is "on the wrong track".

So let's certainly hope that the current stock market crash does not set off another major global recession.  We certainly do not need things to get significantly worse than they are right now.

But whether it hits now or later, the truth is that a whole lot of economic pain is on the way.  The U.S. and Europe have been making really, really bad decisions for decades, and we are not going to be able to escape the consequences of those decisions.

The global financial system is one huge mountain of leverage, risk and debt.  A collapse is inevitable.

When you build a house of cards on a foundation of sand, you should not be surprised when it comes crashing down.

The next wave of the economic collapse is coming, and those that are wise will get prepared.

 

 

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  • Dubistjaauchschuldig

    Even despite all of the economic pain and hardship, there are still very powerful and indeed deranged individuals who are pushing as hard as they possibly can for a war with Iran. They expect ordinary people like you and me to suit up, climb into helicopters, tanks and planes and do their bidding because they think the world owes them something after what happened from 1933 to 1945. If they get what they want, the consequences will be beyond disastrous, but the People in Power do not care and never have.

    • You are too

      That’s the best you have – War with Iran? The deranged people in power are pushing as hard as they can to make this economically WORSE, let alone pushing for war. You are correct though, there are only 2 ways out of this – hyperinflation and war.

    • Karen

      Pssst… don’t tell anyone… but it’s an all volunteer force. Shhh, it’s a “Secret” that “Ordinary people” don’t have to join.

    • biggie

      your right on, brother (or sister). but plz dont say that “j” word.

    • Miss Scarlett

      You said a mouthful!!!

  • Hognutz

    We never left to first recession. It was just painted over using tricks and illusions. Anybody who has not used the time in the eye of this hurricane to prepare is in bad shape…….

    • Mark

      The first recession was the start of a depression. The spending of the government and the printing by the Fed masked things for a while. Remember Ben’s little green shoots. The game is up and every time the Fed jumps in the results are lasting for shorter periods. This will the coming collaspe more painful. Please get prepared.

    • Otown Right Guy

      Yes! I am so sick of talking heads warning, “we are at risk of a double dip recession”. Nonsense! We are at risk of a deeper depression! Not much of a risk really. A certainty. Unemployment has not gone down. Not in the real world anyway. I work in IT and I can tell you that wages in that industry are going back to pre-dot com boom levels. And competition for the few jobs are fierce. Not to mention all of the offshoring and never ending stream of H1-Bs from India, Pakistan and China. And IT is supposed to be our leading industry now?

    • http://www.povertylinejournal.blogspot.com/ the optimist

      Agreed. There was never a recovery. They’ve tried their best to tell us there was. Flat out lies. That was just Stage 1 (2008 – 2011), this will be Stage 2, and overall, they will be the beginnings of the Second Great Depression.

    • McKinley Morganfield

      Indeed, there was no recovery. BHO’s shovel ready projects were bunkum and those millions of saved/created jobs were so much BS. Real unemployment combined with underemployment is probably above 20%. Without job growth of upwards to 300-500,000 per month real recovery is not possible.

      Our meager growth in GDP (0.8% first quarter of 2011) is all due to massive deficit spending. Without that reckless spending GDP would have gone negative every quarter since the 3rd quarter of 2008. Until we take the pain of flushing out all the toxic assets still on the books of the major banks by allowing for an orderly collapse and allow the real estate market to reach its true bottom; there will be no road to recovery and job creation. Instead our so-called leaders decided to continue to dig the hole deeper and deeper. They will only stop when there is a total, catastrophic economic collapse. Then they will declare martial law and all bets are off.

      BTW, I will consider it a market crash when the DJIA goes below 5,000. Anything above that number is a necessary correction from the artificial boom of the last 12 months created solely by Bernanke’s printing press. And, yes there will be QE3 but they’ll invent a new name for it in an attempt to change the color of the lipstick on the pig.

  • http://www.planorperish.com/ Gutter Economist

    No crash yet – just the opening act. Consider the following ball park numbers:

    10% decline in stock prices – a correction.

    20% decline in stock prices – a bear market.

    50% decline in stock prices (or more) – a crash.

    Most Americans living today have never experienced a real financial crash. When this event arrives, the price of gold and the Dow Jones Industrial Average may be equal. For example, gold may be 5000 per ounce and the Dow would be 5000.

  • JerryIII

    We must start taxing the 51% of America that pays NOTHING in federal income tax. Get rid of all hand outs to dead beats (Temporary “Hand up”, yes, “Way of life” f* no). Lock the borders, stop the free ride for illegal aliens and boot them out. Bring our military home and put them on OUR damn borders for a change. Pull all foreign aid and military protection for countries that piss on us anyway. Start drilling and refining our own damn oil. Incarcerate anyone and everyone involved in the Gorebal Warming scam. Auction off deadbeat, criminal companies like General Motors and fire all their scumbag union workers. Sell off GM to the highest bidding U.S. citizen. Put a lien against every GM worker and Retiree to recover as much of the 50 Billion they still owe us. Put a lien against ever politician that took laundered money from GM too. Anyone that cries and whines about anything I said above, will be ground up and turned into fuel for my big f*ing FORD SUV. Bada-BING! Problem solved.

    • Granite Prepper

      I think I may love you…..

    • Gary2

      Are you retarded?

    • Jean

      ditto!

  • bobbobbobbob

    amerika is not over!! the same bridges that were unpainted yesterday are unpainted today!!!the same mediocre medical care u got yesterday u r getting today!!there will be more cadavers for medical schools!!!but do not panic. this is not a nuclear war. CHINA RULES THE FUTURE and thats not so bad!!no panic no panic please

    • bobbobbobbob

      the dow is up and o-man will win because he is not a target hes a cool cat. and the old foggies know the rebuplicanterrorists plan to privitize medicare and u rt wing bloggers will lose big. the elderly r racists but not stupid racists and will vote in mass. so thank the gods u will loose. but amerika will not rule because CHINA RULES YOU!!!!!ie u will grow at a much slower rate than CHINA!! GUESS WHO RULES???

      • bobbobbobbob

        i c only 2 comments on this subject. i own stocks with the emphasis on europe and china. BRA does not have the growth potential anymore. i bought silver @ 12 and sold at 35 so what!! its always whats the next move. this blog is trying to sell u silver @ 40. this may or may not be profitable to new buyers. where were they when silver was 12oz?? amerika is a failed state. im betting on europe now. u r poor but that is not a sin. god loves poor and rich.

        • McKinley Morganfield

          “im betting on europe now.”

          Whoa! The EU zone is in terrible shape. Per capita debt in the Europe is as bad as in the USA. China is not a safe haven, it has numerous internal problems and holds way too much USA debt. If you want to go Asian look at Singapore.

          “i bought silver @ 12 and sold at 35 so what!! its always whats the next move. this blog is trying to sell u silver @ 40.”

          I started buying silver at 9 and stopped at 30, if it dips below 35 again I’ll resume buying in small increments. Paper (currency, stocks, bonds) can crash & burn within 24 hours. All it takes is the first big bank collapse or sovereign default and the panic will start.

  • D

    Politicians are doing their best place false perceptions in the everyday citizen’s mind. They will continue to give us bread and circus entertainment in order to keep us docile. When this runs out, it will be too late anyway.

    The US collapse will be followed by WWIII. The powerful and/or supremely rich will be in safe havens during this time. Because a draft would not work today, the military will promise to pay off school loans and other debts to recruit the young and desperate – most will be KIA. After millions are killed and things get settled (possibly nuclear), the New World Order will follow through. This was their plan the whole time, and it’s working perfectly.

    Winter 2012 will not be the end of the world, it will be a “change” which is what the Mayans really predicted. It will be a horrible change where people will finally “wake up” and say “Oh fuck” while wishing they were preparing to the events they subconsciously repressed.

    If somehow people are able to overcome the NWO and bring peace on earth, all it will take is a few generations of corruption and greed to repeat the occurrences identical to the last millennium.

  • http://homecomputer todd

    MICHEL… I ENJOY THE POSTS.. HOWEVER… DONT FORGET THAT BANK OF AMERICA IS INVOLVED IN BIG LAWSUITS TOO OVER THE MORGAGE DEBACLE OF 08.. ILL BET MANY OTHER BANKS ARE SURE TO FOLLOW WITH SUITS TOO..SOON.COMPOUNDING THE MESS..COULD BE REALLY UGLY ? and some states have issued probes or investigations. into banks dealings over robo signing too.one state just proved that one signature was used on over 400 documents.and the person was no longer employed with the bank..

  • Gary2

    I guess I would care more if I had any stocks etc. When one is poor there is no time to worry about the stock market which seems to me to be a plaything of the rich for the most part.

    You can not eat stocks nor fill your gas tank with them (yes I know you can cash them in etc). All that matters is how much cash do I have RIGHT NOW to pay bills.

    I have so given up worrying about the future. Who can really care about next year when one and their family is hungry and without power right now?

    Having a conscience sort of sucks because I could probably make a ton of money selling crack/meth. I would never do this as I explained in a prior post but the fact that I even THINK about it speaks volumes about the shape of the country.

    I am most assuredly not the only one thinking this way. There are a lot of lower middle class women prostituting at the motels by where I work (close to the Milwaukee airport). A couple of my customers are night managers at these motels and the stories they tell…

    It is my firm belief that the London riots are coming to America as a lot of people are very upset and are more than willing and ready to do a little wealth redistribution. Like I said repeatably, the rich can be taxed more voluntarily or they can do it the hard way . It looks like in London they are doing it the hard way.

    • Highspeed

      There is a big difference between the US and London. We have plenty of guns.

    • Green Mountain

      Gary,

      Have you thought about moving and relocating to a busier area of the country? Texas, for example, is doing pretty well. And you can settle in an area like Austin that is pretty liberal, so you don’t have to be around a lot of right-wingers and rednecks, whom I know you are not too fond of.

      Empower yourself. Don’t let yourself be a victim. I know times are very tough right now, but if you work hard and stay positive and confident, you can do what you want and better yourself and your family.

      Stay positive and stay empowered.

      • Gary2

        Thanks-I appreciate your feedback.

  • Jackson

    I think the big one is next year, 2012. QE3 will temporarily keep the market up for a bit longer in the mean time. wait for saudi arabia to explode making gas prices explode then nothing can be rescue.

  • Concerned Reader

    Bank of America will be the next Lehman Brothers and will set off a banking catastrophe not seen since the fall of 2008. Another banking collapse is coming, but this time it is going to be coupled with mass inflation and even more unemployed citizens.

  • mondobeyondo

    Call Ben Bernanke, thats the name… and away go troubles down the drain!

    Um… nope. Bernanke said a couple days ago that interest rates would remain low until at least 2013. The markets did a big yawn, and continued their downward plunge.

    Obama’s soothing words didn’t help either. I suppose he was hoping to instill calm by declaring “This is the United States of America… We will always be a triple-A country”.

    That isn’t confidence. That is ARROGANCE. And arrogance won’t help calm anything down. Right now, we need leadership, not arrogance. Obama is not showing leadership in this crisis. After the President spoke, the Dow continued its Stuka dive-bomber impression.

    This is going to last a while. There are rumors that France will lose its AAA rating as well. Zut alors! Oooh la la… les pays grands du monde, toutes dans cette grande Mess! (yes, my French is rusty.) Any number of things, like an Italian government default or French downgrade, and down we goooooo….

    I hope you like roller coasters. You’re getting your money’s worth on this ride.

    • Granite Prepper

      Agree with all you’ve said. However, the start of this global crash began in the 1920s and 30s and has been almost 100 years in the making. I’ve heard people compare this to dominoes as they fall and radiate out in a fan pattern and how the crash of 07/08 was the “first” dominoe to fall……I contend it is more the last couple of dominoes that fell during 07/08. I think “we” the world are the last two dominoes teetering on the brink of falling.

  • Dave

    History in the making. But with severe disastrous and apocalyptic consequences and Biblical proportions. What ever they ( USA Congress en Euro zone) is trying, it is coming !!! This 1 st and current recession is going into a depression never seen before.

    They are just prolonging the agony and pain for the ordinary people.

  • Barackalypse Now

    Hognutz is absolutely RIGHT. This mess has been DECADES in the making. The time to get into precious metals and to dump the dollar & dollar-denominated assets was YEARS ago.

  • bobcat

    No sooner did our congress critters enact austerity measures here than stocks went into a power dive. Not content with that, they have set up a small bipartisan commission to cut the deficit some more. It will have the same effect.

  • stan

    Good thing we have Hussein Obama as our leader.

  • http://www.paradiseyachtsales.net Mike

    Guns, gold and a get away plan…..the collapse is upon us. Prepare for the worst

  • A.S.

    Maybe the Federal Reserve should promise to keep interest rates at 0% for the next 50 years??? But we all know even if Bernanke keeps his promise, nothing he says ever works. He already proved himself to be an idiot when he said that gold is not money when asked by Ron Paul.

    The only way for the market to restabilize is for the government to stay out! If a company is suffering losses, even if they are the big banks (which I believe they are not because how could they pay 0 taxes and still get money back from the government), the free market should let them die. When was the last time you heard a small family owned business being bailed out by even a city government?

    The U.S. does not deserve a AA+ rating. It should have been downgraded to BBB the moment Obama went on a spending spree. And now, it should be BB+ at most. There is no way the U.S. will be able to meet the interest on the debt really soon, therefore a BB+ is being very gracious.

  • NUF

    In referring to the implosion of the economy & the markets, I really do wish you’d stop using weasel words such as:
    a) “The possibility that we could soon slip into another major recession is growing by the day.

    b) “Unfortunately, our economy is so weak already that a new recession would probably hurt even more than the last recession did”.

    This is where we are:
    1)A real unemployment rate (according to Shadowstats) of 22%
    2)The lowest labor-force particitaion EVER
    3)NO prospects of job growth
    4)Increaing layoffs
    5)40+ million on foodstamps, crashings markets, increasing global social strife,
    talk of war is not a DEPRESSION t
    6) imploding real estate.
    7) bankrupt States & muicipalities
    8) etc etc etc

    If you think that this is “slipping” into a recession” – and that we are not ALREDAY in a DEPRRESSION- then you are either hopelessly naive & misinformed OR you are purposley trying to obfuscate the facts and misleacd as to the true nature of this disaster.

    Either way you are MUCH LESS than credible & I forewarn your readers accordingly
    Have a nice dat.

  • mike

    In all the articles I read about dept and spending, nobody ever mentions the criminality of “charging interest”. This is the root of evil not money and spending. If there was an eleventh commandment, this would be it.

    If ALL your tax money went straight to running the government(minus the corruption), then the streets would be paved with gold by now.

    • Jack

      @mike

      USURY,the practice of lending at interest,is a sin already covered by a commandment:

      Thou shalt not steal!

      You speak the truth when you say that few,if any,mention this criminality.
      It is because the many,are not yet ready in their hearts to cast away the wicked ways of Babylon(men)and embrace the Law of God.

      You understand the true problem,but sadly yet,far too few do!
      Be hopeful,and of good courage all,because this collapse,is really a cleansing.

      A cleansing of the heart,and renewing of the mind.

  • HereinNC

    Dear Sir,

    I read your post everyday and wanted to take a moment to thank you. Thank you for all the information you post and ideas on how to be prepared for whatever comes our way. I tell everyone I know to be prepared, some tips on how to prepare, etc. The sad thing is, a lot of folks have their head in the sand but I am not giving up. Thank you again and keep up the great work!

    • Michael

      Thank you HereinNC.

      I feel bad that I have not been posting regularly over the past couple of weeks. The good news is that we are in our new home and our computers are set up once again. So life will be getting back to “normal” for my wife and I. :)

      Michael

      • Gary2

        Hey Michael-At least you did not have to move in the middle of winter. I do not know where you moved to/from, however, winter in WI is brutal and I did have to move during it in the late 80″s It sucked.

        • Michael

          It is true – we very much wanted to avoid moving during the winter.

          Michael

  • Paul

    America is on decline. Face it. It is nothing bad.

    I mean, who cares about invading weak places like Nepal? The only problems they have they create themselves. And in a democracy you decide about your own government. If it is bad, you replace it with a better one. Right? Every People deserves the government they have.

  • Hereitcomes

    Please share with me the ways in which I can prepare. That is all I read on the blog posts, prepare. What should I do? I have limited resources and I am in debt. Am I going to be a casualty?

    • http://www.planorperish.com/ Gutter Economist

      Here are 30 or more ways to prepare including a home based business. If you get stared right away, you could actually profit from the coming
      economic crash.

      http://www.planorperish.com/

    • Highspeed

      At the top of the page left hand side, read some of the older articles. They list the kinds of things you need to be saving up on like food, water, guns ammo, candels… Just use common sense and buy thing that you can store for the long term like dry beans and rice. Do not tell other people what you are doing, you’ll be the first to get robbed.

    • Jean

      In addition to the suggestions others made, remember KNOWLEDGE is power. For example, if you are in a position to do so… learn how to hunt, fish, garden, preserve foods, make cloth, soap, candles, basic first aid, etc. Learn what native plants in your area are eatable.

      So that even if you store food and so forth if someone steals it from you, you will still have resources. Good luck and don’t focus so much on worrying, more so on preparing.

  • Kathryn

    It’s already a crash. Pundits might want to see a 10% reduction in stock market values. Won’t take long.

  • AA plus rating

    Don’t overlook that billions upon billons of US taxpayer fiat was secretly loaned to European banks who have facilities in the US. We only know about this because of a Freedom of Information Act request that forced Bernake to reveal the information. Prior to that he refused to tell Congress what European banks received money.

  • http://leibowitzsociety.blogspot.com Leibowitz Society

    There are ups and downs in the long slide down. 2008 and 2011 are just valleys in the whole coming collapse of modern civilization.

    Visit the Leibowitz Society at http://leibowitzsociety.blogspot.com for information on long-term survival and the preservation of our important knowledge in the coming Dark Age.

  • Jonestown Kool-Aid

    The teevee said the economy was on fire you mean it’s not true?

  • 005

    The longer the Feds keep propping up the markets
    (policy changes, new money, etc.) the harder the crash will be when it shows up.
    The big question is when one of so many possible “last straws” gives away.
    Personally, am almost too tired to care now.
    The media can also help to wear-out a person who’s trying to see through all the hype.

  • REED RICHARDS

    You know my views on the so-called “stock market”. I say kill the stock market, kill it in a hurry, and collapse the global banking system and get on with the business of building a new economy, one that works for all the people and not a few global elite………….

  • http://www.stocksnsectors.com/ Janet

    I love reading about the ups and downs of the stock market.
    A great way to get information quickly. Thank you so much.

    http://www.stocksnsectors.com/

  • DownWithLibs

    Michael,

    I try not to nit-pic because you do a GREAT job of this blog. But this should read:

    “The Stock Market Crash”es” Of 2011″.

    I do like your singular MUCH better, but sadly the truth is there has been more than one and likely more to come. Fasten you seat belts!!!!!

  • Brandy

    Does this report really shock anyone? Its going to get worse hold on to your boot straps.

  • Maria

    Michael, you are correct. The next wave of the economic collapse is coming.

    Many people are wondering WHEN will we finally reach the bottom?

    There is no bottom…only a transition from the old into the new…the New World Order.

    That time is quickening. As the people orchestrating this transition successfully complete each phase, they speed up the clock. Each success gives them greater control and ability to expedite the implementation of the New World Order.

    Greece has already crossed the rubicon. Europe is in its final phase of transition. The downgrading of American assets is the beginning of our final phase of transition.

    We will not wake up one day to find the global economy has come to a screeching halt.

    We will wake up one day and realize we now have a New World Order fully organized, in place and fully functioning.

    Economic turmoil is the key to the New World Order success.

  • Dr. Nancy

    I’m telling everyone I know to do 2 things:

    (1.) Store up food

    (2.) Review the info on this site
    I found put together
    by a millionaire.

    Things will get worse –this can help anyone prepare for an uncertain future.

    Here it is-

    How to Profit like the Ultra-Rich in Times of Economic Chaos

    Complimentary Video here-

    http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bid=290b868b&chan=y

  • InArizona

    It is not called a “crash” because of who occupies the White House! The media is into the business of covering his butt, not reporting the truth to the American People. When will we get honesty? I can only assume that “Never”, will be the answer to that question.

    We never came out of the last recession, it was all fiat money QE1 & QE2 that inflated the market, so if we pull out that money, what do we have left today? That is the real question!

  • Donald Wilson

    The idiots in Washington D.C don’t give hoot about the the citizens or how screwed up the economy is or how many million jobs are out sourced; the only thing they care about is the next election and getting re-elected.

    Bravo 2 out.

  • Mind Candy

    As Hog says, it won’t feel like a new recession because here on Main Street we never felt relief from the so-called first. Things are going so well here at ground level that all three of my adult children have had to move home. I lost my job in June. My husband is the only full time earner left in the household. We’ve stocked enough food to last us a couple months and we have a small garden for veggies. Our rent is paid a month in advance so we hopefully have a little breathing room while we figure out what to do next if things fall apart.

  • http://placeofrefuge2012.com Sheila

    Like Gerald Celente says, first the loot the country then they take us to war.

    http://www.placeofrefuge2012.com

  • SC23

    Glad to see ya back puttin up posts Michael, you were missed.

    • Michael

      Regular programming will resume shortly. :)

      Michael

  • HerrLT

    Regretfully, given the size of the population in this country, the awake among us represent an iota of the general population. I see almost no one personally preparing for any type of uncertainty outside of these forums and one or two confidants I know well.

    I love the people of the Third World (Caribbean and South American) – the most genuine people I’ve ever met in my life both in traveling as well as domestically, but I do not want America turning out the same way. The governments and standard of living are nothing like America. The sad fact is that very high standard of living we enjoy was bought, financed and paid for by someone else’s dime. We’re debt junkies as a government, people and family. I myself was a whore to high-tier fashion and autos before “waking up”, going abroad, finding a wife, and learning about other cultures. The unlimited debt continuum will die a violent death – look presently at London, Athens, Tel Aviv, Madrid, etc. as these birth pains increase.

  • Benji K

    Dow up over 500 points, it’s sickening to see news commentators act like giddy school girls. Just the facts please. Thank you Micheal for informative, fact-based articles without the emotional strings attached!

  • http://erectuswalksamongst.us/ Maximus Hardwoodius

    I bought $300 worth of camping supplies today to
    add to my stash. Propane bottles, 100′ lengths
    of poly-cord, 3 camp hatchets, 15 mountain
    house dehydrated dinners, a campfire circle,
    a campfire grate, tiny funnel, tent broom, etc.

    As an ex-marine, I have always, since the day I
    left the corp, had survival gear. Today, I just
    went crazy and bought a bunch of stuff I norm-
    ally wouldn’t ever buy, but, what the heck…
    this stuff can ALWAYS be used, and MAY come in
    real handy here in the next few months……

  • Gary2
  • Gary2

    The following is not my original writing but it backs up what I have been saying all along that the rich will be taxed more, either voluntarily or not.

    Rich Republicans Don’t Understand: If They Don’t Wise Up Quick, Scenes from England Will Come to America.

    Having looted alcohol from a local shop, they calmly explained to a BBC reporter that the riots were all about showing the rich, and the government, they could do whatever they want. When asked why they were destroying their own community, they said they were attacking the shop owners and people with money.

    What rich people seem to be forgetting is that the opposite of the New Deal is not some idyllic paradise of free-market bliss. The opposite is rampaging mobs who light shit on fire just to show you that they can do whatever they want. Eventually, that can include burning down your business or your house, or, maybe, even taking your life.

    They got rich beyond all imagination, while the rest of us lost our jobs, lost our retirement money, lost, in some cases, our homes. And then we were told that there was no money for our cops, no money for our firefighters, our nurses, our teachers. And next we’ll be told that our Social Security check will be smaller and we’ll have to wait another year or two to get our Medicare. Meanwhile, the rich, represented ably by the Republicans, refuse to pay one dime in extra taxes.

    This quite nicely describes America and the thrid world status we are becoming. El Pollo describes this better than I do and he is 100% correct.

  • Paul Felix Schott

    The Chinese Know Renewable Energy is a good thing. Most of the rest of the World is still a slave to Oil, Coal and Nuclear Power. All the Governments of the World now know it is wise to use Renewable Energy it is the Local Governments that are a little slow to learn what is best for all not just there pocket book.

    They fear people going off the grid all that tax money they will no longer be able to take from you. Wind and Solar Farms are growing all over the Earth. This could have happen years ago if the greedy wicked were stopped by the Real Good.
    The Freedom to get your own Power from the Wind and Sun, Solar Energy has been there for years. Are Libraries and Schools should have been the first to have gone Solar and Renewable Energy.

    Thank GOD for the Pioneers like John Schaeffer that Started Real Goods The first and Best catalog for Renewable Energy and Scientist Bill Young at the FSEC Florida Solar Energy Center and Monica D. Key Lindbergh for many years wrote to our legislators promoting Solar and Renewable Energy and many others. These Pioneers helped put Wind, Solar And Renewable Energy in the Spotlight for all the World to see.
    The Great Scientist Albert Einstein Stared it with a Dream that the day would come that all the World would use Solar Energy. His discovery of the law of the Photoelectric Effect won him the Nobel Prize in Physics. We still do not teach this to our young.

    GOD Bless all that help tell this to the World
    The Lord’s Little Helper
    Paul Felix Schott

  • http://www.watchman2009.blogspot.com Cliff Hilbert

    http://www.watchman2009.blogspot.com

    THURSDAY, AUGUST 11, 2011
    There Will Be No Recovery
    In June I posted a message about coming out of the eye of the storm. Now, two months later, we are seeing how the winds are coming from the opposite direction and how they are beginning to destroy our nation. Our credit rating has been downgraded and will continue to be downgraded further in the next year. We are so far in debt that it will be impossible to get out and all our fool-in-chief wants to do is tax and spend, tax and spend, tax and spend – we will not recover from this. By next year our economy will have completely collapsed.

    The severe drought has spread to many states and that is going to raise the cost of food, gasoline (ethanol is mixed in gasoline and it is made from corn), clothing (which is made from cotton – much of our cotton crop will fail this year), water (because the reservoirs are drying up), and many other items. Inflation is beginning to rise and will continue to do so until we reach a state of hyperinflation.

    The stock market is in steep decline in the last few days and by next year it will bottom out. Fortunes will be lost, businesses will close, jobs will be lost. According to the economic indicators in the last three months we are heading into a double-dip recession. By next year we will see another great depression worse than the one in the 1930s.

    Consumer confidence is low and people are not buying as much because they are worried about money and their jobs. Since they are not buying as much as they used to the supply side of the market is not producing as much – fewer jobs are created. Unemployment is “officially” at 9.1%, but that doesn’t include the millions who have dropped completely out of the job market because they couldn’t find jobs.

    The people of this nation continue to believe in an imaginary money tree, thinking that the good times and the “free entitlements” will never end – how badly mistaken they are. When 48% of the people pay not one cent in federal income taxes yet demand more in the way of “entitlements” and services, demanding that “the rich” pay more in taxes, this nation has truly lost its way. We are headed for great civil unrest when there is no more money for “entitlements” because the country has gone bankrupt. Our liar-in-chief and his cronies are doing everything they can to promote class hatred and class warfare.

    These days are not somewhere in the future, they have already begun and will only get worse. God has declared that His judgment will destroy this once-great nation, and it will. We are only beginning to see how this country will financially collapse because of the fiscal irresponsibility of our government that has been building for many, many years. Also, we are just beginning to see the great, God-caused, “natural” catastrophes that will be a big part of the destruction of this country – and they will only get worse.

    This was a very, very difficult message for me to write, I did not want to do it. My heart is very heavy and there is great sadness within me. But I know that God put it upon my heart so I have no choice but to write it. I wish I could say “God bless America”, but I can’t – we have too far gone down the path of unrighteousness.

    • mondobeyondo

      This is only “the beginning of sorrows” (Matthew 24).

      There will be a happy ending. But not if you’re addicted to debt, “keeping up with the Joneses”, or determined to have the latest and greatest material item. 52 inch HDTV? Gimme, gimme! I like to refer to it as the “Dr. Seuss Syndrome”. Ah, you got a brand new BMW! “Look at me! Look at me! Look at me NOW!!” (I think it’s from “Horton Hears a Who…?? Forgive me, I haven’t read Dr. Seuss books in a while.)

      Nice car buddy, but 50 years from now, it won’t be worth green eggs and ham. You should have bought a Porsche. (giggle!!)

      Oh yeah, about that happy ending. It’s coming, but it won’t happen if you are still attached to this materialistic, narcissistic world. As one popular cliche goes, “Let Go… Let God.”

  • Mad Max

    Sooner or later the whole house will come tumbling down. And the words “I told you so” won’t be enough to express my contempt for the people in this country. Thank goodness we have a way out. To be great, America has to do great things. Waiting for politicians to save you is a stupid thing.

    “WAKE UP PEOPLE!” 
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    First it will cheer you up, then it will make you angry.

    FIGHT THE CAUSE – NOT THE SYMPTOM

  • 007

    Gold’s decline today was just smoke and mirrors. The CME just raised margin requirements to buy gold. This is a very subtle nudge by your government to try to keep you from owning gold. More realistically, it is just an attemp to push the price down momentarily. This is the only currency that the governments can’t control and they hate it. Eventually, they will attempt to outlaw it’s ownership.

    Truth is, Europe and the U.S. debt crisis can only be masked and painted over by printing money to buy the growing government debt. If they don’t print money to pay the debt the markets will crash. If they print money it creates inflation around the world and will drive the price of gold up. So expect a new round of QE in Europe and the U.S. any time now.

    The markets, I believe will crash again. However, being an election year they will try to prop the markets up a little longer. I don’t know if the markets can stay up much longer. However, QE3 seems certain.

  • El Pollo de Oro

    The Banana Republic of America (formerly the USA) is definitely headed for a double-dip, but I won’t call it a double-dip recession because we’re not in a recession—we’re in a DEPRESSION and have been since September 2008. So far, it’s been a managed depression. The Democraps and RepubliKKKans have been managing this Third World ponzi scheme through bailouts, stimulus, etc., but inevitably, it will become unmanageable. And the next crash will be even worse than the September 2008 crash.

    I keep hoping to God that I’m wrong. I keep hoping that Michael T. Snyder is wrong about just how bad things are going to get in this country. I keep hoping that Gerald Celente is wrong when he says that the BRA is going into The Greatest Depression, meaning an economic calamity even worse than The Great Depression of the 1930s. But all the grim economic news indicates that Michael Snyder, Signore Celente and myself are absolutely right: things are really bad now, but they’re going to get a whole lot worse. The BRA is so dysfunctional on so many levels that The Greatest Depression will make The Great Depression of the 1930s look like a picnic on the beach at the Jersey Shore. The Greatest Depression will make The Great Depression of the 1930s look like sunshine and daffodils, which is saying a lot because my grandmother, Krishna rest her soul, lived through the 1930s and told me many horror stories about the suffering of that time. It was hell for millions of Americans, although the hell that awaits the BRA in 2011 will be much nastier and cut even deeper.

    These are perilous times we’re living through, and the worst is yet to come. Get ready for things to go from really bad to much, much worse in The Banana Republic of America, formerly the USA. God help the collapsing BRA, basketcase of the Third World.

    • bobbobbobbob

      the consensus of economics as of aug 9 gives a new recession a 28% chance therefore 72% chance of slow growth is most likely for amerika.CHINA RULES and owns the rebuplicanterrorist party

  • El Pollo de Oro

    The truth about the economy of The Banana Republic of America, as told by Gerald Celente:

    “America is headed for an economic 9/11.” —Gerald Celente

    “We’re going to go into a depression that’s going to be worse than The Great Depression.” —Gerald Celente

    “Saving the too-big-to-fails is anathema to what capitalism is. ” —Gerald Celente

    “Free-market capitalism, in the blink of an eye, was gutted and replaced by an oligopoly.” —Gerald Celente

    “When people get hungry and desperate, things get ugly. And I’ll tell you where it’s really going to get ugly: crime is going to go to levels we’ve never seen before.” —Gerald Celente

    “People rail on Obama and say, ‘Oh, he’s a socialist. He’s a Marxist.’ No, he’s not. Socialism is egalitarianism. He’s a fascist. This is a fascist country. Fascism has come to America. The merger of state and corporate power, by definition, is called fascism.” —Gerald Celente

    “Wall Street is nothing more than bookies in Brooks Brothers suits.” —Gerald Celente

    “You need some health insurance? We’re going to privatize it. We’re going to make you buy from our pals that sell insurance. That’s what they call Obamacare.”—Gerald Celente

    “When were we the most egalitarian country in the world? When we had the Glass/Steagal Act, which prevented the banks from becoming the criminal operations that they’ve become.”—Gerald Celente

    “Oh, do you want protectionism? No, I don’t. I just don’t want to give my country away to China.” —Gerald Celente

    “It’s not free trade, it’s slave trade.” —Gerald Celente

    “I’m not an imbecile. I don’t like being raped. I don’t like my money going to the Goldman Sachs Gang. Capisce?” —Gerald Celente

    “When this thing collapses, you won’t be able to get your money out of the bank. They’re gonna do it like they do in every Third World country. Our forecast is for a bank holiday and a formal devaluing of the dollar.” —Gerald Celente

    “These are Gerald Celente’s three Gs: gold, guns and a getaway plan. If you want to keep bombing other countries—if you want to keep expanding your global reach in wars—then as we used to say in the Bronx, payback’s a bitch. —Gerald Celente

    “When people lose everything and have nothing left to lose, they lose it.” —Gerald Celente

    “When the money stops flowing down to Main Street, the blood begins to flow on the streets. And the money is not flowing down.” —Gerald Celente

    • mondobeyondo

      Wow… and I thought Hurricane Katrina was bad…

  • James

    The bottom line to all of this mess is Peak Oil. It is getting more expensive for the oil companies to find and produce more oil, meanwhile the demand keeps going up. The World needs to realize that crude oil only exists in certain geological formations and the process that occurred for making the oil was a one time event. Now, we are reaching the limits of what was produced. We will never run out of oil per se. But, what oil we get now is in deeper formations, in places that don’t like the U.S., and we have to share what is left with the rest of the World which are developing into what the U.S. is today. The oil reserves we have today are not going to allow the U.S., or the rest of the World to live like the U.S. did in the 60s and 70s.

  • Iamthebout

    I say let the economy collaspe, please let it, I pray everyday for it too because this whole country needs one kick in the balls. Everyone is so blinded they dont see what is really going on in the government, my father is a social studies teacher and he doesn’t think anything bad is going to happen cause this has all happened before in the past, but the past is the past this is now and now looks worse then ever before, we have greedy thieves in our government and theirs nothing we can do about it the american people are expandable to them as long as they have the chinese, their country is what ours was 50 years ago hard working and committed, now all we have is kids running around drunk all the time listening to people like lil wayne thinking he is their god and savior, come on world collapse already come on.

    • mondobeyondo

      I think you’re wrong. Lady Gaga will be our god and saviour. Or maybe Katy Perry.

    • Gary2

      Only someone who is a few fries short of a happy meal would wish this. I know most people are not too smart…

  • gentile

    get ready to buy anything you like before the money is worth nothing

  • http://www.youtube.com/user/zedgehero Zedge Hero

    The crash is going to be global, but I still think it starts in the heart of this mess. The bank of england & IMF inside the City of the London. The rebellion there remains unanswered. The austerity there is going to be worse next year as shown here.

    http://www.youtube.com/user/zedgehero?feature=mhee

  • Richard

    I was at the beach today, it was almost dark. I watched as a well dressed lady in her 50′s walked onto the public access deck and laid down her things. She looked around to see if she was being observed, felt safe enough to proceed with her shameful task and then She pulled out several small plastic bags. Quickly she went through the trash can and began to remove anything of value, especially aluminum drink cans. That is when I made my way to her. At first she seemed embarrassed, but after I assured her that I sold scrap metal sometimes for extra money, she seemed relieved. She then released a pent up storm of sorrow and hurt as she spoke of her shame and humiliation.

    She had recently lost her husband of 32 years and was all alone. She lived in a home she couldn’t afford and was about to lose. Attempts to sell brought only discouragement and despair. “Soon” she said, “I will be homeless.” She said the cans were her insurance, her only means of real survival, since she had already run out of unemployment money. When I tried to offer to help in some way, she suddenly shut me down and refused any help. I told her she wasn’t alone and prayed with her. It certainly made the beach a sad place to be. In the coming months I feel we will all see this same scene played out over and over. My hope and prayer is that we can all be kind and helpful to people as they see their life slip away. Hope in Christ, that’s really all any of us have anyway.

    • Gloria

      I agree. Yesterday I met a great group of people, when my truck broke down in a nearby city. The guys and gals at the little “cheapo” cafe I ended up hanging out at until auto was fixed, did some GREAT things. They fed me, my husband, daughter, and grandchild..and dog, twice. Gave unlimited coffee, and then, one helped fix the truck and play gopher for the parts. Then, one girl told me she earns, as a waitress $2.86 per HOUR, and she shares a place with 5 other people, she usually gets 12-16 hours a week. What is she going to do when this nation goes down? And all my new friends. Pray for them and us all, that God look favorably on his children that do all their humanness will allow to hold GOD AS LEADER.

      • Prepping for the future

        What a great story Gloria thanks for sharing.

    • JAM

      Glad to see that there are still people wiyh faith in God and are willing to help others! We live in some scary times and the only thing still constant is God. Keep up the good work guys!

  • Prepping for the future

    http://www.youtube.com/watch?v=xAHJcKkV6Wg&NR=1

    Michael are you aware of this Agenda 21 plan in America?I was wondering if you could do an article on this especially the part about brainwashing the children. Thanks

  • Gary2

    The top 10% of the people own 90% of the stocks. I own none so its hard to care about what happens to mostly rich people. Yes I know this also means that the bottom 90% of the people own 10% of the stocks. How about we tax the capital gains of these top 10 per-centers people as regular income which it really is?

    • Prepping for the future

      Start watching John Stossel he did a great program about the money hole.. Dumb liberals that ruin a nation and how to save it.. Might even break you Gary of your tiny brainwashed liberal mind set..

      • Gary2

        Stossel is a retread libertarian goof (all of them are somewhat goofy) barley more credible than rush.

  • Stolengoat

    29 years old, 1 month old lil girl, selling the crap outta ADT security systems to scared folks just like me. Saving my measley greenbacks for an AR and a basement full of green bean. How the phuck did we get here??? How is it possible that a small town kid like me, with just a high school education can see the writing on the wall but so many around me just swallow the piles of shat the fat cats on the hill and in the media dish out. I got news for all of us. This ain’t the country my grandpa fought and toiled his life away to pass on. We are sick and the colon cleansing is about to begin. I asked my mama what she wanted for christmas, she said “Good will on earth and peace for all men” I handed her a Bushmaster AR-15 told her “It was a do it your self project.” Good luck folks, I’ll be holding out in Southern IN. Eating good, right next to a thriving Amish community. One hand on my rifle the other on my fishing pole. Country Boys Can Survive

  • Miss Scarlett

    We have been in a “recession” since 1998!!! We are now in a depression–let’s call it for what it is. Hello??? This is nothing new, it’s just getting worse and the BS we are being fed from Washington– that is what’s getting old!!! 2012 is going to be a disastrous year for sure, I don’t care WHO the president is. Because the prez isn’t running the show. None of presidents in the last 50-60 years could even run a marathon let alone a country.

  • REED RICHARDS

    I see that your site is now practicing censorship. My first post on this article was deleted and I can’t imagine why. It seems that this site does the exact same thing that other so called alternative news outlets and mainstream news outlets does, it dances around the main issues and allows people to play the victim when in fact the people themselves are the ones responsible for their own demise.

    Asylumites in the ASA live in an era where they suffer from two major maladies that are causing their society to collapse.

    1. There is no respect for human life, much less life of any other kind anywhere.

    2. People are so enamored with money and material goods that they are essentially dangerously and hopelessly corrupt. They can be bought at any price to do anything, high or low, from selling drugs to selling children to framing people for crimes to murder.

    This site talks about how society is collapsing but it never explains why it is collapsing. Yes, wall street and washington dc are the centers of abusive power and corruption but the people themselves keep voting for the two wings of the war party and they have said without any ambiguity that they have no purpose other than to steal anything and everything that they can get their hands on and to kill anyone who dares to stand in their way. That is what life on this planet is all about and the western world with the Asylum States of Amerika leading the charge are the leaders in these two goals: Endless greed by theft and murder…………..

    • Old Man

      You are right of course. The current crisis situation is a 100% self-inflicted wound. It all started with the people. They put the kind of politicians they want into office, time and again, over many years. Soon it became routine, all pols play the same money game. Big corporations and lobby soon got into the same act. With DC run by money, it is only a matter of time the big banks bought them up. They did buy up DC and the payback is a free pass to do anything they want, subprime and all.

      You know, I didn’t hear a single complain while the good time were going. House flippin’, mortgage re-fi like mad for $1 trillion worth of free cash over a decade. A 75% consumer society sucking up $8 trillion dollars worth of Asian imports over a decade, paid with borrowed money. A society where everybody pays hardly any tax but gets to enjoy the world biggest welfare while fighting 2 expensive wars.

      It was society gone nuts on good time, and now, society must get mad to pay for the mistake. Mad money all right. I say blood money pretty soon.

      Isn’t America wonderful? In this land, everybody gets everything they deserve.

  • BigM

    I’ve heard the following statement so many times lately; “Kicking the can down the road”. I wonder what that can looks like today? The reality is, the can may look totally spent and the Politicians realize most Americans have no clue the road ends with the next kick and they don’t care.

    • Granite Prepper

      The reality is there is no can and there is no road…..if you’ve watched “The Matrix” you understand we are faced with the choice of the red or blue pill??

    • mondobeyondo

      It certainly isn’t a can of “whup-ass” we’re kicking down the road.

  • Maria

    http://www.youtube.com/watch?v=T389e9StiAc

    This is a link to a recent interview with professor William K. Black. He doesn’t mince words.

    From a previous interview:

    On April 3, 2009 Black appeared on Bill Moyers Journal on PBS and provided critical commentary on the U.S. banking crisis. In the interview with Bill Moyers, Black asserted that the banking crisis in the United States that started in late 2008 is essentially a big Ponzi scheme; that the “liar loans” and other financial tricks were essentially illegal frauds; and that the triple-A ratings given to these loans was part of a criminal cover-up. He said that the “Prompt Corrective Action Law” passed after the Savings and loan crisis mandated that ailing banks should be put into receivership. Black also stated that trying to hide how bad the situation is will simply prolong the problem, as happened in Japan’s lost decade. Black stated that Timothy Geithner is engaged in a cover-up, and that the administration does not want people to understand what went wrong or how bad the banking situation is today.

    According to Bill Moyers,

    “The former Director of the Institute for Fraud Prevention now teaches Economics and Law at the University of Missouri, Kansas City. During the savings and loan crisis, it was Black who accused then-house speaker Jim Wright and five US Senators, including John Glenn and John McCain, of doing favors for the S&L’s in exchange for contributions and other perks. The senators got off with a slap on the wrist, but so enraged was one of those bankers, Charles Keating — after whom the senate’s so-called “Keating Five” were named — he sent a memo that read, in part, “get Black — kill him dead.” Metaphorically, of course. Of course.”

  • http://Larouchepac.com PeacefulPatriot

    There is absolutely no way out of this collapse which will not lead to simply a “depression” but a deadly and prolonged Dark Age, without the immediate return to Glass-Steagall Banking Standards, which requires the immediate removal of our dictator Barack Obama while we still have a constitution to do it with! Join American Statesman and Economist Lyndon Larouche in the fight to save the nation as its quite impossible to deny he has been right for 50 years and the mainstream has ostracized him because he is too much of a threat to the looting thats been accelerated after Kennedy’s Assassination.

    I’ll post the latest call from Lyn and Helga LaRouche and Jacque Cheminade please circulate it far and wide and fight for the real solution, no more temporary patch jobs on the decimated dam!

    http://larouchepac.com/node/19019

  • pippa34

    Elect Ron Paul 2012!! He WILL save this country!!

    • Granite Prepper

      I would agree with electing Ron Paul, but I don’t think he can save the country……this system as we know it just isn’t savable anymore. We need to reboot the system the way the Founding Fathers initially created it.

      • http://Larouchepac.com PeacefulPatriot

        thats for damn sure Granite! After we get Glass-Steagall (H.R. 1489) through the house and senate (assuming there is sanity in the current Government), the debt that isnt related to speculative non-sense will have to be made fungible in much the same way as Hamilton approached the initial bankruptcy of the states. We need to erase the monopoly money and build productive infrastructure which would generate a healthy PHYSICAL economic process again. Check out LaRouche’s page as he’s outlining exactly what you’re saying- And there is no person currently who will be able to save us if the population does not decide to embody the change that’s necessary! I think Ron Paul should just come out and say he’s an Anarchist! lol His main problem is he doesn’t know a damn thing about how real economy works!

  • Gary2

    WELCOME TO THE THIRD WORLD AMERICA: Europe. looks at the USA like we look at Mexico! Thanks tea bagger scum.

    The announcement that a German company is opening a small manufacturing facility in Wisconsin brings up a question that just a few years ago would have been unthinkable:

    Is this another case of a European company coming to the United States for the cheap labor?

    As contrary to the stature we’re accustomed to the United States having in the world, this is a very real trend. Ikea, a company that has done just fine in Sweden with strong unions and a $19 minimum wage, came to Virginia and started its employees at $8 per hour, with many of them temps at lower wages and no benefits. T-Mobile, owned by a heavily unionized German company, fights unions here.

    • Granite Prepper

      If you really think Europe looks at us like a third world country…..well, you’re a bigger idiot than I thought. They’re further down the road to collapse than we are because they’ve already implemented your ridiculous “spread the wealth” policies!! The entire world is a third world country……I wonder who is left to look down on us??

      • Gary2

        What part of my post did you not get???We should have a minimum wage in the USA of 19 per hour and FORCE companies who are sitting on piles of cash to pay.

        The wealth is so unequal that if all the wealth and income was divided evenly every married couple would make 100,000 per year. Tax the rich and spread the wealth.

        Germany, Sweden, Norway are doing WAY better than we are in just about every measure. Do not take my word google for your self.

  • Nexus789

    Being conned -’manufactured’ collapse so the ‘elites’ can buy up more wealth ‘cheaply’ as smaller investors are eliminated from the market – the stock market ceased doing what was originally out in place to do.

  • http://n/a SublimeGoddess

    First off? This is NOT a recession. This is The Greatest Depression EVER as a recovery, when the real numbers are examined are almost as dire as those from the last so-called ‘Great’ Depression. And this one has only STARTED. W-a-k-e U-p. It is startling how ‘learned’ people can be aware of the conspiracy on Jekyl Island to create the Fed and thus enslave the nation in debt, and then refuse to believe that this breakdown, in which the only consistent pattern has been the sucking up off the wealth of the world by the rich and an increasing elimination of all previously shaky RIGHTS – it is STARTLING that the ‘learned’ are still wondering – ‘Could THIS be what they Despotic have been PLANNING, all ALONG?’ Yes.

  • times up

    wallstreet is just a symptom , it’s not the problem. the problem in a nutshell is basically the federal government for all intents is shutting down till election day. that means nothing tangible will get done until 2013, and if lawmaker are basically markin time till the presidential election, recession is a given which will burn investors a second time

  • Curt W

    US foreign aid
    http://www.foreignassistance.gov

    Israel 1949 – 1997 84.82 billion
    Isreal 2011 3 billion
    Egypt since 1975 50 billion
    Egypt 2011 1.5 billion
    Afghanistan 2011 3.9 billion
    Colombia 570 million
    Jordan 560 million
    Pakistan 2011 3.1 billion
    Liberia 21 million
    Peru 17 million
    Ethiopia 16 million
    Somalia 580 million
    Bolivia 15 million
    Russia 68 million
    China 13 million
    Nigeria 648 million
    Cuba 20 million
    This is just a sample we give
    money to nearly every country
    on earth

  • Highspeed

    Why are no comments showing up on this article? Am I the only one?

  • Hognutz

    What has happened to Michael?

    • Michael

      Don’t worry I am still here. :)

      Moving has been a lot more work than I anticipated. Regular programming will resume soon.

      Michael

  • Abia The Cat

    Now’s the time to start learning to live on less, eat less, get back in shape, and learn the basic skills to keep your house and car well maintained because when the inflation or even hyper-inflation eventually kicks in, skilled labor service provider’s costs will go up sky high.

  • mondobeyondo

    One of my friends made a rather off-handed comment to me last year, concerning the immigration debate here in Arizona. He said, “You want to travel to Mexico? Don’t worry, you don’t have to go to Mexico. Mexico is coming to you.”

    And so it is with the economy. If you aren’t already affected, you will be. [in deep Yoda type voice now...] You. WILLLL. Be. You will be affected in some way. If you have a job, consider yourself fortunate. Don’t mock the umemployed – telling them to “get off your butt and find a job”. What do you think they’ve been doing for the past 6 months? Year? Two years? Yes, there ARE jobs. But there are no jobs out there that will provide a family with a decent living wage. You wanna work, huh? Here, grab this mop and sponge, and clean the bathroom in the local Burger King. And here’s some Windex – make that bathroom mirror sparkle! Hey – why are you complaining? You’re working, right? You said you wanted to work!

    —–

    Despite all the talk about “double dip recession”, etc. – we are in the beginning of a depression. The mainstream media refuses to use the “D word”, but let’s face it – one out of 7 people on food stamps? Official unemployment hovering around 9 percent? (The actual rate is much higher) Housing prices going through the floor and into the basement? The statistics may say otherwise… we got out of the recession in July 2009, when there were no longer 2 consecutive quarters of negative economic growth, blah blah. But this is the beginning of a depression.

    Remember, back in 1931 people thought the worst was over, too. Brother, can you spare a thousand dollars?

    • Gary2

      But there are no jobs out there that will provide a family with a decent living wage.

      The right in WI is bragging about the jobs our drop out gov says his policies have helped create. They are ALL low wage service sector jobs like you describe. (again do not take my word, google yourself) Creating jobs that are shit burger king jobs is nothing to celebrate.

    • Ouida Gabriel

      Your comment about 1931 is very true. I’m reading a diary that was written during the Depression. It covers the years 1932-1939 and right now I am reading through 1938. According to the author 1932 was the worse year and then started climbing up, with bumps and bruises along the way. In 1938 they had another “crash” and things got bad again. As I read this book I keep asking myself what in the world am I going to do? I used to have a plan but it is not so well of a plan that my family could last for a decade. I feel like we are repeating The Great Depression, possibly with more of a impact for the people. I can not let my mind comprehend it for I fear I would lose hope.

  • Gary2

    Please take some of the water we keep getting here in WI. Its so green my eyes hurt and I am back to mowing the grass 2x per week.

    If you do not like droughts do not live in dry areas.

  • stan

    Whoever runs this blog sucks This has been the same headline for several days.
    why not just stop blogging if you can’t keep it updated?

    • Michael

      Sorry Stan – my wife and I had to stay in a hotel for about a week while we were in the process of moving to another state.

      Michael

      • Ouida Gabriel

        Don’t be sorry Michael. If Stan even read the last post and comments then he would know you are in the process of moving. Sounds like someone whining – matter of fact, sounds like the people who expect handouts from the government. You are not producing what Stan wants so he stands there and stops his feet like a child. This is what we have to look forward to when the country falls apart.

        Hope your move is going well.

    • RYAN PETERSON

      Get a f**kin’ grip Mary, don’t read the blog if you don’t like the frequency of posting, asshole -

  • laura

    Miss Scarlett: You’re so right! Others: This country is in the trash bin of history, voting is for suckers, totally useless as all politician scum are puppets of the elite. Live for family/self, it’s best not to breed kids as they have no future in a country that has fallen down the abyss into hell. Prepare best you can and hunker down, find like minded people for bartering and defend your community.

  • Willy

    I am Australian, you Yanks are a depressing lot.

  • http://globaleconomicwarning.blogspot.com Global Economics

    WARNING: The WORST 2011 MARKET CRASH IS COMING

    BILDERBERG 2011 MEETINGS: Economic Collapse – Imminent Global Financial Crisis and U.S. Dollar Collapse!

    (click on my profile name to go to my blog to see my full video)

    I’m posting my blog video here because I need to reach out to the real people who are effected by the Global Economic Crisis. Please pass this video on.

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