Housing the auto sector higher unemployment and bankrupt banks — How is this not the end of the US?
WASHINGTON (Reuters) – Three U.S. banks failed on Friday, bringing the total to 98 this year, as regulators continue to shutter financial institutions that are overwhelmed by bad loans and liquidity problems.
The Federal Deposit Insurance Corp said that Warren Bank in Michigan was closed, with Huntington National Bank of Ohio taking over its deposits. It had $538 million in assets and $501 million in deposits.
http://ca.news.yahoo.com/s/reuters/091003/us/usreport_us_financial_bank_failures
The housing bubble burst — Bush bailed that out by issuing 700 and then another 800 billion dollars — The banks ended up owning a lot of real estate as a result
Homelessness and tent cities are on the rise
The manufacturing industry — the engine of the economy -the automotive sector is a thing of the past — no longer the giant powerhouse it struggles just to survive
Now more banks — ?
1 war an occupation and done attacks in a 3rd nation speculation of yet another war against Iran and N Korea just threatened to wipe the US off the map — Chavez wants a Russian base in Venezuela and the US is building one in Columbia
China and Russia are actively pushing for a replacement currency to the US as the world reserve because it is now considered an unstable and debt ridden dollar
California is insolvent Arizona is hoping to sell its capitol buildings and then rent it back just to survive another year
Housing the auto sector higher unemployment and bankrupt banks — How is this not the end of the US?
August 9th, 2011 at 7:17 pm
America, the historically highest point of development of world capitalism, has been transformed into the center of world capitalism has become the center of its deepening crisis .
The strongest capitalist superpower on the planet, capitalist America as a whole, not solely the evaporated US “sub-prime mortgage market”, is transformed into the most “toxic asset” of the global system.
The capitalists themselves had to admit that the current crisis that erupted in 2007 with the burst of the US sub-prime mortgage market bubble and the international credit crunch is not simply a cyclical one or a conjectural disturbance. It is the worst crisis from the 1929 Crash and the Great Depression. It has historical dimensions in scope and depth; it affects globally the world economy, while its end is unseen in the horizon.
It is clear now that it does not affects only the financial sector but the entire capitalist economy dominated by a decades long over-expansion of finance capital invading, interconnecting and controlling all aspects of economic life globally.
The crisis that manifested itself in 2007-2008 first in the financial sphere driving the international banking system to bankruptcy now is driving a ‘Great Recession’ (the term is forged by Martin Wolf of Financial Times) engulfing the entire so-called “developed” capitalist world and bringing big industries, such as General Motors and the car industries in the US, Europe and Asia, into the abyss. It is only the unprecedented State interventions, bail outs, and packages of the last period that prevented, so far, according to Martin Wolf, the Great Recession to turn into a Great Depression.
The IMF’s World Economic Outlook, in April 2009, predicts a contraction of world economy by a 1. 3%, revising downwards its previous prediction of 0.5% made in January 2009. A year before, in 2008, the IMF was predicting a 3.8% growth of world’s GDP in 2009… More than 60 million new jobless will be added.
August 10th, 2011 at 2:36 am
Well the rule of America is about to get over.
August 11th, 2011 at 1:55 pm
drastically deflate the government
and the cost of government and its boondoggles
people will have their wealth to reinvest into growth
once investment if favored over theft and consumption
then growth becomes exponential
August 13th, 2011 at 1:25 pm
In the end a good thing for the nation it brings the pendulum back towards center and will heap some humility and a sense of responsibility and a respect for what things really cost and how tough life can be on the narrow shoulders of the “entitlement” all about me spoiled azz cell phone generation we seem to have raised.
For far too long there have been far too many people raised with a silver spoon handed almost everything they want and what have we gotten from them ??? they have too much time to b*tch why because they spend too little time working I can’t wait to see what happens when the obese loud mouthed do nothing teenagers have to start getting off their azz and helping keep a household up as those did for all the generations before them.
August 13th, 2011 at 1:30 pm
WE THE PEOPLE.
The people of the United States of America don’t give up and they don’t give in. Shake it off and pull your self up. If you can’t find work watch what the newest Americans do. The ones who legally immigrate here and work three jobs at a time.
August 14th, 2011 at 7:10 pm
we still got our fast food chains lol we dominate that market lol
August 17th, 2011 at 5:33 am
Do you really believe it’s the end of the US? What does that mean anyway? It’s a readjustment, that’s all.
August 18th, 2011 at 9:18 pm
The impact is being felt by the decline in the value of the Dollar. Once our debt becomes so large that the remainder of the world has no confidence in the Dollar, we will truly be a Third World Nation, which is the desire of all liberals and the current White House.
The dollar has value as long as there is confidence in it and that is fading fast. Sure we have 100+ Trillion is assets, but we also have more than double that in debt obligations coming due.
History shows nations decline in direct relation to the value of its currency. The US is over indebted and the world knows it. Only a matter of time before the nations with real wealth and hard assets become the powerful. US once was the hard asset leader of the planet, but no more, we have borrowed and borrowed and borrowed off the value of our assets for so long that the assets left have little value. Yet the most valuable asset we have has no hard asset value to many of the very nations we need borrowed money from–Freedom.
When we become so monetarily indebted to nations that do not value Freedom, we will cease to be a nation of freedom but nothing more than an indentured slave nation, indentured to the debtor.