Won't be to long now. All our enemies who we have pushed around for so many years will be pulling the rug from under the great USofA soon enough. The greed,the wars,terrible leadership have taken this country down a path of destruction which will take an act of God to come out of. Don't mean to scare you.....just reality.
Here is a few paragraphs from the most recent financial news:
NEW YORK (today) - The announcement early Monday by Lehman Brothers that it would file for Chapter 11 bankruptcy after a rescue plan failed followed a weekend of seismic shocks from Wall Street, including an apparent government-brokered takeover of Merrill Lynch by the Bank of America.
A forced restructuring of the world's largest insurance company, American International Group Inc., also weighed heavily on global markets as the effects of the 14-month-old credit crisis intensified.
Here's another:
(today) NEW YORK - Bank of America Corp. said early Monday it would acquire Merrill Lynch & Co., Inc. in an all-stock transaction worth about $50 billion that should lift the uncertainty shrouding Merrill since the start of the credit crisis over a year ago.
Here another:
(today)CHARLOTTE, N.C. - The Wall Street Journal reported Sunday that American International Group Inc. plans to disclose a restructuring by early Monday that's likely to include the disposal of major assets including its aircraft-leasing business and other holdings
The need to restructure was likely exacerbated by a 45 percent drop in AIG's stock last week. The stock fell more than 30 percent on Friday alone, as Standard & Poor's warned that it could cut AIG's credit rating by one to three notches because of concerns that AIG will have difficulty accessing capital in the short term.
Here's another:
(today) DETROIT - In his 43 years as a General Motors Corp. factory worker, Roger Ezell has seen recessions, gasoline price spikes, sales slumps and multibillion dollar losses.
Each time, he says, the giant automaker has survived to make billions in later years.
But as GM celebrates its 100th anniversary Tuesday, the company that was once the nation's largest employer faces a crisis like no other in its storied history.
GM has lost $57.5 billion in the past 18 months, including $15.5 billion in the second quarter. It's burning more than $1 billion a month in cash, has more than $32 billion in long-term debt, and a slumping U.S. market has forced it to close factories and shed workers.
Here's one more
Record deficits and debt. Bush Republicans turned record budget surpluses into record deficits, increased the national debt by over $3 trillion. Foreign-held debt also has exploded. It took 42 presidents 224 years to run up a trillion dollars of foreign debt, but President Bush has more than doubled that amount. (Office of Management and Budget; U.S. Department of Treasury; U.S. Department of Treasury)
A volatile housing market. Due in part to the irresponsible and predatory mortgage lending practices that have been allowed to flourish in recent years, the country is facing a mortgage crisis that threatens not only the American dream of homeownership, but the entire domestic – and international – economy. As many as two million Americans may be at risk of foreclosure as their home loans adjust to higher rates, far beyond their ability to pay, which would represent more than $160 billion in lost equity. Worse, millions more will see their property values drop, to the tune of nearly $1.2. trillion nationally, as their neighbors lose their homes, and millions of others will be unable to obtain home loans due to the resulting credit crunch. (Center for Responsible Lending; Joint Economic Committee)
.........Scary
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