Posted on 02/23/2009 8:46:10 PM PST by TigerLikesRooster
Red Alert: Major Meltdown Imminent! Your Escape …
by Martin D. Weiss, Ph.D. 02-23-09
Martin D. Weiss, Ph.D.
The nation’s largest banks are so close to collapse and the world economy is coming unglued so rapidly, a major Wall Street meltdown is now imminent.
Specifically, it’s now increasingly likely that virtually all of our forecasts of recent months could come to pass in a very short period of time, including …
* Stock market crash: A swift plunge in stocks to about 5000 on the Dow, 500 on the S&P 500 and 900 on the Nasdaq … or lower. (For our reasons, see “Stocks to fall AT LEAST another 40%!“)
* Corporate bankruptcies: A chain reaction of Chapter 11 filings or federal takeovers, including not only General Motors and Chrysler, but also Ann Taylor, Best Buy, Jet Blue, Macy’s, Saks Fifth Avenue, Sears, Toys “R” Us, U.S. Airways and even giants like Ford or General Electric.
* Megabank failures: Bankruptcies or nationalization not only of Citigroup and Bank of America, but also JPMorgan Chase and HSBC. (See my January issue, “Megabanks Could Fail Despite Federal Aid.”)
* Nationwide epidemic of small and medium-sized bank failures: Outright FDIC takeovers, with little prospect of nationalization. (I’ll give you a link to our free guide with a more extensive list in a moment.)
* Insurance failures: State takeovers of companies like Ambac Assurance, Bankers Life and Casualty, Conseco, FGIC, Medical Liability Mutual, Mortgage Guaranty Insurance, Nuclear Electric Insurance, PMI Mortgage, Standard Life of Indiana and many others. (Our free guide also contains a more extensive list of insurers.)
* Cities and states: An epidemic of defaults by thousands of cities, states and other issuers of tax-exempt municipal bonds.
(Excerpt) Read more at moneyandmarkets.com ...
* Credit market deep freeze: A virtual shutdown in all debt markets except U.S. Treasuries. An avalanche of selling — and virtually no buyers — for corporate bonds, commercial paper, asset-backed securities, municipal bonds and all forms of bank loans.
* Government bond collapse: A steep decline in the price of medium-and long-term government securities, as the U.S. Treasury bids aggressively for scarce funds to finance a ballooning budget deficit.
Shocking? Perhaps. Avoidable? No.
Ping!
However! 60% of those polled say that everything is swell now that Obama is in the White House. LOL!
Whoa!
Does anyone know if this guy has credibility??
“George Soros said the financial system has effectively disintegrated, with the turbulence more severe than during the Great Depression and with the decline comparable to the fall of the Soviet Union, while …”
The guy quotes Soros as an expert rather than a prime mover behind this.
Oh. He’s probably selling short. Carry on.
Theoretically speaking, and I am speaking theoretically here, what would happen if we were all late on our mortgage payments next month?
Theoretically speaking, and I am speaking theoretically here, what would happen if we were all late on our mortgage payments next month?
I don’t know but that’s a good question. It might be the straw that broke the camels back.
Obama’s sheeple shall soon discover their foolishness.
Or late on our income tax filings ... file an extention.
We’re well past the point where the pessimists need to prove their case old sport.
Combine that with a withdraw of all savings (stocks, bonds, bank accounts) and it'd all go bust...perhaps forever.
Ash Wednesday/Lent starts this week. This means fish fries and church services. Bow your head and pray.
Soros Sees No Bottom For World Financial "Collapse"
Sat Feb 21, 2009 4:19pm EST
NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union. He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.
"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."
{snip}
Combine that with a withdraw of all savings (stocks, bonds, bank accounts) and it’d all go bust...perhaps forever.
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I know someone who is withdrawing $4K of $6K she has in her
checking account and “putting it under the mattress”. I
don’t know if she is smart doing that or not.
I'm going to skip Joe Cain Day tomorrow and go buy more ammo.
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