The big recession ended in 2009, right? Ask anyone on the street and see if they agree. I read a CNS News article this last week where the Democratic National Committee Chair (DNC) said that “…anyone can see the economy is improving.”
Are you kidding me?
Robert Kiyosaki, the author of “Rich Dad, Poor Dad” and other titles, is even warning of a possible economic collapse. I heard an interview with him the other day where he said the situation is dire and estimates about a 20% chance of collapse. Sure we’ve handled dire economic struggles in the past and survived, but the issue is that we are so much more “global” now with technology, that even if we were doing ok, the economic downfall of other nations affects us now. Add in that we are NOT OK, well we all are feeling it. High unemployment, rising taxes, higher food prices, home foreclosures, and more.
1. The 2010 census shows the housing bust is the worst since the Great Depression, with home ownership falling to 65.1% last year. (AP article on 10/6/2011 by Hope Yen)
2. The Governor of the Bank of England, Mervyn King, says that the “World is facing the worst financial crisis since at least the 1930’s ‘if not ever.'” (The Telegraph article on 10/6/2011 by James Krikup)
3. Moody’s cut the rating on 12 UK financial institutions this last week. (CNBC article on 10/7/2011 by Antonia van de Velde)
4. Credit rater Fitch downgrades Italy and Spain – again. (Reuters article, 10/8/2011)
5. Per person debt is now $44,980 up higher in the last 2 1/2 years than that from all presidents combined. (CNSNews.com article 10/5/2011 by Terence Jeffrey)
6. Bank managers surveyed don’t believe home prices will recover before the year 2020. (CNBC article 10/1/2011 by Karina Frayter.)
7. The Biggest quarterly drop in the stock market since the 2008 financial crisis.
Anyone still think we’re in recovery??