We'll be in Great Depression 2 by 2011 -- here are 30 reasons why - MarketWatch - The Diigo Meta page

• 19 Nov 08
  

  Phil Baumann

  Included: $60 Trillion in unfunded liabilities for Social Security & Medicare.
  
  Also: former Goldman Sachs chariman John Whitehead: "...I wonder if tomorrow is the day Moody's and S&P will annonce a downgrade of US government bonds."

  marketwatch Great Depression Economy

  • ideology trumps common sense, reality and the facts. Greed drives ideologues to blow bubbles. They pop. Crashes happen. The public is collateral damage.
  • Henry Paulson was at Camp David warning the president and his staff of "over-the-counter derivatives as an example of financial innovation that could, under certain circumstances, blow up in Wall Street's face and affect the whole economy."
  • 6 more annotations...
  • • Treasury sneaks corporate tax credits into bailout giveaway, shifts costs to states
    • State, municipal, corporate pensions lost hundreds of billions on derivative swaps
    • Consumer debt way up, now at $2.5 trillion; next area for credit meltdowns
    • Fed also plans to provide billions to $3.6 trillion money-market fund industry
    • Social Security, Medicare with $60 trillion in unfunded liabilities
    • John Whitehead

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