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19 Nov 08

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

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."

www.marketwatch.com/...story.aspx - Preview

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