Charles Bukowski

US foreclosures break record high

33 posts in this topic

A little reality about the job situation in this country is in order. The unemployment rate reported by the Bureau of Labor Statistics and parroted by the mainstream media is currently 9.6%. Once you stop counting people who have given up looking for jobs and “left the workforce”, discouraged workers, marginally attached workers and workers forced to work part-time, you magically get a 9.6% rate. Using the method of measuring unemployment used during the Great Depression and reproduced by www.shadowstats.com, the real unemployment rate is a depression-like 22.5%. The peak unemployment rate during the Great Depression was 25%. There is no doubt that we are in the midst of 2nd Great Depression, but where are the bread lines and the lines of unemployed winding around the corner? No need. This is the electronic Great Depression – iDepression 2.0. Your 99 weeks of unemployment and food stamps are direct deposited into your bank account so that you don’t have to leave the comfort of your McMansion that you haven’t made a mortgage payment on in the last 14 months. There were no credit cards in 1933. Without a job or a house, you needed to move to where there might be a job. Hence the mass migration from the Midwest to California – ala The Grapes of Wrath. Today, a neighbor in a matching McMansion down the street, with the perfectly manicured lawn, could be unemployed for three years and no one would ever know. They could sustain themselves on unemployment payments, food stamps, and credit cards. Welcome to the iDepression 2.0.

A startling commentary and analysis:

http://theburningplatform.com/blog/2010/10/20/idepression-2-0-featured-article/

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yeah its a tough call for judges if this goes the whole way.

either judge in favor of the complaint, and demand banks take all the mortgages back, they go broke, financial systems goes into heart attack mode., mortgages get bailed out, passed on to gov, and a printing press runs non stop, maybe even they'll hire Chinese to print them i hear wages are cheaper over there.

or

they vote in favor of banks, so system doesnt fail in a GFC 2 event; but economy goes into nose dive, possibly with lost decade's aka japan.

im putting my money on a banks win the case, and econ keeps plodding along at slower n slower rate, for about 15 years.

this is if the PTB want the whole mess to drag on, drag it on till its someone elses problem seems their real goal. but if their goal is to become a socialist state running everything, then they crash it , buy out the banks, and now the gov owns everyones mortgage and the banks.

saw a post on mak keiser where someone said they should raise rates to %1 , etc. missing out the fact that quadruples the debt owed IMMEDIATELY. and that can never be called in or its game over.

disclaimer

* just my 2c worth. and i dont know squat

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