The Building Tsunami (October 13, 2008)
Things are collapsing. The mortgage/house is no longer an ATM (Automatic Teller Machine). Mortgages were given to individuals who could not pay. At least with a mortgage there was a structure providing some collateral to support the loan.
The populace is still spending beyond their means. The staggering amount of credit card debt is another Great Tsunami. Credit cards are being given if not shoved down the throats of individuals who cannot pay. These Improvised Explosive Devices (IEDs) are plastic explosives delivered daily by the United States Postal Service. They will all explode within the next year. And then the Congress, the Fed. (Federal Reserves system), and the business and economic press will express surprise, display panic and engender fear.
The geopolitical concerns are overlooked or disregarded. The rest of the world is now taking over the US by “investment not invasion” as American becomes a “second world former superpower.” More later.
Bumper sticker of the week:
Déjà vu all over again?