Bad Economic News

It seems like almost everywhere you turn these days there is bad economic news.  Foreclosures are setting records, unemployment remains depressingly high, poverty is exploding, U.S. government debt is wildly out of control and Europe is on the verge of an economic collapse that could send the entire globe into a devastating financial panic.  If all that wasn’t enough, the oil spill in the Gulf of Mexico has destroyed the seafood and tourism industries along the Gulf coast and threatens to push that entire region into a depression for years to come.  The truth is that the more you look at the economic statistics coming in from around the globe the more it becomes obvious that we are headed for a complete and total economic nightmare.  (Read More...)

16 Burning Questions About The Gulf Of Mexico Oil Spill That We Deserve Some Answers To

The Gulf of Mexico oil spill is a national nightmare that seems to have no ending.  Every day new details come out that are even more shocking than what we learned the day before.  The truth is that life will never be the same in the Gulf of Mexico or for those who live along the Gulf coast.  Now Barack Obama has made a big Oval Office speech and has tried to convince all of us that he is in charge of the crisis.  Well, perhaps if he had tried to take decisive action a month ago the American people may have rallied around him.  But right now the BP/government response to this disaster remains completely and totally chaotic.  Nobody seems to be able to stop the leak, and BP has made the environmental nightmare far worse by dumping over a million gallons of highly toxic dispersants into the Gulf.  U.S. government officials are running around holding press conferences and waiting for BP to do something.  Meanwhile oil is pouring ashore and toxic gases are being detected at very alarming levels.  The biggest environmental disaster in U.S. history is also quickly becoming one of the biggest economic disasters and potentially one of the biggest public health disasters.    (Read More...)

9 Reasons Why Spain Is A Dead Economy Walking

Barring an economic bailout of mammoth proportions, the economy of Spain is completely and totally doomed.  The socialist government of Spain is drowning in debt, unemployment is running rampant and everywhere you turn there are major economic problems.  So will Spain be the next Greece?  No.  When the economy of Spain implodes it is going to be a whole lot worse for the world economy.  The economy of Spain is more than four times the size of the economy of Greece.  Spain accounts for 11.5 percent of eurozone GDP while Greece only accounts for approximately 2.5 percent.  Spain is the 4th largest economy in the 16 nation eurozone and it is the 10th largest economy in the world.  If the economy of Spain fails it will cause a shockwave that will be felt in every corner of the globe.  In fact, there are quite a few analysts that believe if Spain defaults it would ultimately lead to the breakup of the eurozone. (Read More...)

Obama To Use BP Oil Spill As An Opportunity To Push His Economy Killing Climate Change Bill

Never one to to allow a “good crisis” to go to waste, Barack Obama is pledging to use the BP oil spill in the Gulf of Mexico as an opportunity to push the U.S. Congress to pass his controversial climate bill.  In fact, during a recent interview Obama directly compared the current crisis in the Gulf to 9/11, and indicated that he believed that it would fundamentally change the way that we all look at energy issues from now on.  But the truth is that Obama’s climate bill is the same economy killing legislation that it was before the BP oil spill.  It would still drive gas and electricity prices through the roof, it would still cause large numbers of U.S. businesses to flee overseas, it would still be one of the biggest tax increases in U.S. history and it would still usher in an unprecedented era of climate fascism.  But now thanks to the BP oil spill there is suddenly a lot more momentum in Congress for doing something about energy and about “climate change”. (Read More...)

The Death Of Las Vegas

There are quite a few U.S. cities that are complete and utter economic disaster zones in 2010 (Detroit for example), but there is something about the demise of Las Vegas that is absolutely stunning.  In recent decades, Las Vegas has become a symbol for the over-the-top affluence and decadence of America.  But now it is a microcosm of the economic nightmare that has gripped the entire nation.  When the subprime mortgage crisis stuck, no major U.S. city was more devastated than Las Vegas.  When the recession went from bad to worse, Americans decided that they really didn’t need to gamble so much and casino revenues plummeted.  Suddenly unemployment started to increase dramatically in Vegas and even today it continues to soar.  Like so many other cities that are highly dependent on tourism and entertainment, Las Vegas has gone from boom to bust.  Local officials are hoping that the worst will soon be over, but the truth is that the worst is yet to come.  As the U.S. economy continues to unravel, average Americans will be spending what little money they do have to put a roof over their heads and to feed their families.   The truth is that the glory days of Las Vegas are over and they are not coming back.      (Read More...)

More Than 1 In 5 American Children Are Now Living Below The Poverty Line

Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children.  The overall economic numbers are really bad, but when you examine the impact that this economy is having on children things get really horrifying.  Today, 1 in 5 American children live in poverty and 1 in 4 American children are on food stamps.  Experts tell us that about 50 percent of all U.S. children will be on food stamps at some point before they reach the age of 18.  Up to half a million American children are homeless even as you read this.  And yet we continue to insist that we are the wealthiest nation in the world.  Well, if we are so wealthy, then why are so many millions of our children suffering so desperately?  (Read More...)

12 Reasons Why The U.S. Housing Crash Is Far From Over

Over the past several months, many in the mainstream media have hailed the slight improvement in the U.S. real estate market as a “housing recovery”.  But the truth is that the small improvement in the numbers was primarily due to a significant number of Americans attempting to squeeze their home purchases in before the huge home buyer tax credit expired at the end of April.  Now that there is no more giant tax incentive, real estate professionals all over the United States are fearing the worst.  Mortgage defaults and foreclosures are still at record levels, and a giant “second wave” of adjustable rate mortgages is scheduled to reset in 2011 and 2012.  In addition, there are numerous indications that the U.S. economy as a whole is going to experience a dramatic downturn shortly, and if that happens it is going to be really bad news for the housing industry.  So are we about to see “Housing Crash Part 2”? (Read More...)

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