12 replies to this topic

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Can't get a job? How about going on disability or getting a student loan to support standard of living?

Behind the mainstream media's attention to the daily economic numbers, there is a hidden economic depression running along the underbelly of the country.

Very scary charts:

http://advisorperspe...-Depression.php

[stocks]

A Devastating Deflation Is On Deck

Entitlements will bankrupt the state, but for today's beneficiaries, it makes no sense to reform. Most of the beneficiaries are senior citizens. We will probably be dead, or nearly dead, when the crash comes.

The discouraging thing about the welfare state is that, from Greece to Argentina, an over-extended welfare state does not reform its entitlements honestly. It can't because the beneficiaries will take to the streets. The only
thing it can do is devalue its currency and default on its debt. That has the effect of reducing entitlements (and screwing creditors) but doing it by the back door.

You wake up one morning and find that your bank account is worth 50 percent of what it was worth yesterday, and the government has unilaterally cut the interest rate and the principal owed on its sovereign bonds.
They already did that in Greece.


http://roadtothemidd...g-majority.html

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A Devastating Deflation Is On Deck

40% of mortgages in Long Island are seriously delinquent and are not even in the first stage of foreclosure.

This is why prices are holding up. People are living in their house for free.
A house for 350K in Long Island goes for 90K in Phoenix or Las Vegas.
Thus few sales in NYC metro area.



Keith Jurow writes articles on Seeking Alpha, Business Insider, and Minyanville, where he also publishes his housing market report.
One of the most astounding revelations here is how much larger the shadow inventory is than is widely reported.