Markets around the world plunged Tuesday as evidence mounted that the global economic crisis is worsening.
Japan is suffering its worst downturn in 35 years. The British economy is facing its sharpest decline in almost 30 years. Germany is slumping at its worst pace in nearly two decades. Meanwhile, the job market in the United States, at the epicenter of the global downturn, is the worst since World War II. And emerging economies are contracting at a pace few had predicted just months ago. Even China, whose economy still is growing at a 6.8 percent annual pace, is grappling with vast numbers of the unemployed, raising fears of unrest.
Hmm, let’s examine why this is such a surprise.
1. American jobs sent offshore lowering buying power.
2, Usurious credit card companies gouging the public putting everyone in debt.
3. Bankruptcy laws changed so the credit card companies always get their money.
4. Endless nickel-and-dime fees with cascade fees implemented by banks.
5. Sub prime mortgages.
6. Legal loan sharking and no consumer protection.
7. Multi-billion dollar scams thanks to lax or incompetent regulation.
8. H1B Visas rampant when American workers available.
9. Illegal Mexicans working in US, paying no taxes, sending money out of country to Mexico
10. War in Iraq that was supposed to be over in a few weeks at a cost of “a few billion.”
11. More money spent rebuilding Iraq than USA
12. China OEM to the world ruining manufacturing base everywhere else
13. Sarbanes-Oxley hurting the bottom line and restricting public offerings while protecting nobody
Add some of your own!
We need all the bipartisan support we can muster. Even the GOP proposed ‘hope and pray’ plan should not be discounted.
Very interesting read folks, thank you. It’s a shame that a clear understanding of the problem at hand isn’t really gonna help. The economic crisis has, as many of you have pointed out, been a long time coming. Some really clever people have been working really hard to keep the ship afloat, while others have been even busier drilling holes in it’s hull. Maybe it’s time to abandon ship…
Eat the RICH (anyone who still has a job)
Another one to the list:
“Money supply controlled by private banking under the name Federal Reserve – no more federal than Fed Ex”
NAFTA
WTO
IMBECILES
GLOBALIZATION
IMF
WORLD BANK
GREED DRIVEN STUPIDITY
PEOPLE WHO BUY HUMMERS
MONSANTO
CORPORATE OWNED AND CONTROLLED MEDIA
HALIBURTON
LOCKHEED
THE MICE
PINKS
SCIENTOLOGISTS
RIAA
MPAA
CONGRESS
KARL ROVE
NEWT GINGRICH
GARFIELD
DISNEY (THE CORP. NOT WALT)
WORLD OF WARCRAFT
#59. I am constantly calling my elected officials whenever I hear Bill Gates, et al, spewing nonsense that they cannot fill their positions using U.S. citizens. I have 3 friends that have lost their houses due to being replaced by programmers on H1B visas. In 2001, I was looking to buy a house. I lost my job, even though NONE of the H1B visa people did. The down-payment I saved for the dream of buying a house soon became my life line. I have been telling everyone I know about this unconstitutional process. For years, people thought I was just paranoid, or it was an IT problem. Recently, an accountant friend of mine told me that his department started replacing citizens with people here on H1B visas.
I have been called everything from racist to xenophobic because I spoke out against the H1B visa.
Although I do not have the wide TV/Radio exposure you have, I have been trying to do my part by getting the word out as best I can. Maybe we are both following the same path, but someone with your broad following should use his available resources to bring this problem to the masses, not only IT people.
# 56 Not sure how you think my housing decline numbers were wrong when I never gave any.
You were right about one thing though. It was off subject. Thats because I was responding to # 11.