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Tuesday, August 23, 2011

Warning from the man who predicted the 2008 crash

In 2007--over a year prior to the economic crash of 2008--a few lone voices within the financial sector warned of a coming calamity. Their voices were drowned out by more powerful persons who insisted that all was well. They were dismissed as 'alarmists.' Most ignored them altogether.
One of those 'alarmists' who correctly predicted the collapse of 2008 has issued another warning. The U.S., he says, is in worse shape than in 2008 just prior to the economic emergency leading to the Wall Street bailout. He predicts another financial catastrophe and asserts that this time there will be no money to bail out anything or anybody.
And this time, pensions, annuities and insurance, bank accounts, and government entitlement programs such as Social Security and Medicare will all be the tragic fatalities of the frantic attempts of the Obama Administration to cover up the current depression. The driving force behind all of this is the mountain of debt that the Administration steadfastly refuses to address with spending cuts. 

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