The American Dream, George Carlin on You Tube. (foul language is involved in this video, beware)
Monday, June 23, 2008
The Triple Crisis Strikes Harder
a severe U.S. recession, surging inflation, and close encounters with a Wall Street meltdown.
News on each of these crises has burst onto the scene with gale force, wiping away the last vestiges of sugar-coating by Pollyanna analysts ... creating the conditions for a bond market disaster ... and driving the U.S. stock market into a tailspin:
Deepening the U.S. recession, vehicle sales are expected to plunge to 15-year lows. Dealer lots are overflowing with gas-guzzling trucks and SUVs. But they can't get their hands on enough fuel-efficient cars, limiting sales in the most popular models. Another warning sign: S&P has just put GM, Ford and Chrysler on "credit watch negative." End result: Don't be surprised if one of the Big Three — Ford, GM or Chrysler — is soon forced to file for bankruptcy.
Bankruptcy has already struck over 20 airlines worldwide, with many more on the way. In the U.S alone, the top 10 U.S. airlines are expected to post pre-tax losses of nearly $18 billion this year and next. At the same time ...
U.S. inflation is surging. In May, producer prices jumped 7.2% compared to a year earlier; import prices catapulted 17.8%, the biggest rise ever recorded; and even the so-called "core" producer prices (excluding food and energy) rose at the fastest pace since 1991! Adding to this explosive mix ...
Subscribe to:
Posts (Atom)
