When a moron like me can predict this type of job loss 7 months ago and the powers that be cannot, what does that tell you about our elected representatives?

What percentage of 8 trillion is 300 billion?  

That is what they committed to stop the bloodletting of job loss versus what they committed to our financial system.  

The impact of 742k job loss (and the revised will go higher) in 3 months and 6 months will be untenable.  

BTD - I am sorry, you are right.  Nationalize now, we are too far gone in UE to have any semblance of a recovery this year.  Tax refunds will be used for vitals, groceries etc, and the economy is about to get a whole lot worser than even I had imagined.  

My October crash prediction may end up happening in July after an 800k ue report in May.

What could we do with next year's DrugWar budget?

 Then, just for show, we bring in some billionaires and ask them to buy a tiny slice of the bad debt aka "toxic assets" (how a worthless scrap of paper can be referred to as an "asset" is another question) and to show them what tough negotiators they are, Obama and Geithner trick
them into letting them keep all the profits (if there are any) and should the "assets" turn out to be worthless, our guys give them a blank, signed check, courtesy of all the unemployed, overpaid auto workers, to reimburse them for participating in this con......kind of a variation of the "heads you win, we lose; tails we lose, you win, street hustle."

So after the cretins who gouged us out of everything we worked our entire lives for have been fully satiated, and after making sure that no greedy pensioners have a hidden dollar stuffed in his/her undergarment somewhere, then.............what?

Currently consumers, buinesses and the government have a combined debt load that is 3.7 times or 370% of GDP.   Think about that for a moment.  

This is the highest level since guess what?  The Great Depression.  

If you made $50K a year and you owed $215K what would you do?  You would start saving.  Or declare bankruptcy.

Since the economy can't declare bankruptcy it's retracting.   Good.  We all need to be prepared to lower our standard of living because the standard most people enjoy currently is well beyond their means.

Everything we own, purchase or partake in is at falsley elevated values becasue our governments and banks have made the access to money too easy.  Homes, cars, college, TV's etc... all have been fuled in cost, options and quantity by the easy access to money.

There are too many houses, to many cars (sorry GM) and too much stuff produced to be purchased with real wealth.  

Blame Wall Street, Blame the Government, blame Bankers and blame yourself.    

The economy is trying to retract.  That's how capitalism works.  Keeping it from doing so is only delaying the innevitable.

Obama is making a problem he inheritied through no fault of his own (no more fault then me) worse by piling on more debt then he inherited.   The same people who rode the tidal wave of debt to false riches are telling him he can spend, borrow and print his way out of it.

To what end?  Are we lacking in products?  Do we need more technology?  Why are we keeping companies like GM afloat when they make a product or at least too much of a product that we don't need.   We only needed it when we could borrow money to buy it.  Now we can't so we don't need it anymore.   If GM doesn't go bankrupt who are they going to make cars for?  The government?

370% people.   Our factories, our facilites and our economy was built for a demand that could only be fueled by debt and the bubble has finally burst.  We cannot produce enough real wealth to consume all the product that we've been consuming without borrowing or printing it.   Time to take a step back, save, contract and slowly start over by building real wealth.    

The longer we hold of the innevitable the bigger the fall will be and Obama is setting us up for a big one.

This is not a partisan issue.  It's a common sense one.  Since 1952 we've been slowly working our way up and finally the bubble burst.  Every time a recession warned us we quickly recovered and ratcheted up the debt to make up for the difference.   Finally enough was enough.  

Save your anger, your envy and your rage for people who are right now making the problem worse.   We can't go back in time right new regulations, make new rules that will mean a hill of beans if our government continues to miss the point that we can't afford to create more debt when there isn't enough real wealth to pull us out of this hole.   Who will buy the toxic assests, the cars, the houses and the crap that would need to be bought to grow the economy?  

It's going to be bad and the more Obama and DC put it off the worse the fall is going to be.

The loonies at the G20 are more right then the people their protesting for a change.