Dow 4,000. Food shortages. A bubble in Treasury notes. Fortune spoke to eight of the market's sharpest thinkers and what they had to say about the future is frightening.
We are in the middle of a very severe recession that's going to continue through all of 2009 - the worst U.S. recession in the past 50 years. It's the bursting of a huge leveraged-up credit bubble. There's no going back, and there is no bottom to it. It was excessive in everything from subprime to prime, from credit cards to student loans, from corporate bonds to muni bonds. You name it. And it's all reversing right now in a very, very massive way. At this point it's not just a U.S. recession. All of the advanced economies are at the beginning of a hard landing. And emerging markets, beginning with China, are in a severe slowdown. So we're having a global recession and it's becoming worse.
Biden: U.S. Economy in Danger of 'Absolutely Tanking' http://blogs.abcnews.com/george/2008/12/biden-us-econom.html
Vice President-Elect Joe Biden said the U.S. economy is in danger of "absolutely tanking" and will need a second stimulus package in the $600-billion to $700-billion range.
"The economy is in much worse shape than we thought it was in," Biden told me during an exclusive interview -- his first since becoming vice president-elect-- to air this Sunday on "This Week with George Stephanopoulos."
"There is no short run other than keeping the economy from absolutely tanking. That's the only short run," Biden told me. (cont...)
Ground Zero on Wall Street
Fed Funds and T-Bills Hit 0% Interest http://globalresearch.ca/index.php?context=va&aid=11458
"....and the U.S. government, though insolvent,..."
China says lending to US will not go on forever
World War Web
In the unseen reaches of cyberspace, our enemies are quietly taking the postmodern form of warfare we witnessed on 9/11 to a new level: They are no longer just transnational—they are non-national, hiding and attacking in a world where there are no borders. They are no longer just stateless—they are place-less. And they are no longer virtually invisible—they are, well, virtual.
Russian Plant Considers Reopening Su-25 Production Line