From the category archives:

great depression

Florida Residents Fleeing the State for Greener Pastures

by Moe Bedard

“Florida’s population is shrinking — a disturbing trend for a state that has built its economy, and structured its state budget, on the assumption that throngs of new residents will move to its sunny shores each year,”
Later this month, Rick and Connie Desrochers will join a migration out of Florida that began before the housing [...]

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22% Increase in California Foreclosures for October

by Moe Bedard

Foreclosure repossessions in California increased 22.24% from September to October, according to data released by ForeclosureRadar.com.
Last month’s foreclosures increased 20.95% from October 2008. October’s foreclosures were 42.56% below California’s peak month of July 2008, but since then, the inventory of real estate owned (REO) properties has grown 131.36% in California.

“While we continue to see a [...]

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California Banks Began to Implode

by Moe Bedard

Rod Brown, president of the California Bankers Association, said that despite this novel and helpful move, more bank failures probably lie ahead.
“At best we are only halfway through this thing,” he said.

Anderson said his firm has a ranking system that considers 29 out of California’s 297 banks in danger of failure over the next year. [...]

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Job Losses May Trigger 2nd Banking Crisis

by Moe Bedard

The unemployment rate now stands at 10.2%, yet stocks are at a 2009 high. The bulls will tell you not to worry; the unemployment rate is a lagging indicator. True as that may be, Charlie Gasparino author of The Sellout, has a word of warning: the jobs data may be a leading indicator when it [...]

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A Group of Economists Predict Painful Times Ahead

by Moe Bedard

7. This recession is very different, and comparisons to past recessions are not good predictors. There has never been a worldwide banking collapse like this since the Great Depression.
8. Real estate will go back to being a long-term investment instead of a trading vehicle as it became in the last 15 years.
9. The Internet has [...]

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Americans Repeating Great Depression Mistakes

by Moe Bedard

For the past several months, investors have been acting like it’s 1999, the first year when the Dow crossed 10,000, and stocks took off in complete disregard for reality. Yet the atmosphere then and now couldn’t be more different. Back then, stocks were frothier than real businesses, no doubt. But today, American job prospects are [...]

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Is JP Morgan Chase constructing the Great Depression?

by Moe Bedard

If our government allows this it will guarantee a GREATER DEPRESSION.  Whether it comes now or in a few years, it will happen.  This is the precise same stupidity that led to the 1930s and it will have the exact same outcome this time.
Here’s the problem folks, in one sentence:
The banks are STILL insolvent.
They are [...]

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Great Recession Will Maintain Grip for a Generation

by Moe Bedard

The data is clear – and it is REAL. The US (and nations around the world) are printing money with reckless abandon. We are bailing out insolvent institutions that should have failed long ago. The credit engine in the United States of America has seized up. Millions are losing their jobs. Homes are being foreclosed [...]

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