The D Word

I started this blog in Summer 2007 with the following :

My intuition tells me people are very optimistic when it comes to wishing fortunes, but they tend to believe truths as they grow more exaggerated over time, like how prices of homes will continue to grow 10%+ each year.

Look where we are now in April 2008:

USA 2008: The Great Depression

Here it is, The Independent from the UK is reporting this is now official:

Food stamps are the symbol of poverty in the US. In the era of the credit crunch, a record 28 million Americans are now relying on them to survive – a sure sign the world's richest country faces economic crisis

http://www.independent.co.uk/news/world/americas/usa-2008-the-great-depression-803095.html">http://www.independent.co.uk/news/world/americas/usa-2008-the-great-depression-803095.html

The Great Depression: The sequel

http://www.salon.com/opinion/feature/2008/04/02/depression/index.html??source=yahoo


Dominos: How Bear Stearns default threatens the entire world financial system

"The world financial system runs on credit -- on paper promises. If big borrowers and lenders don't make good on those promises, panic can set in, and the biggest financial institutions in the world can find themselves under siege."

http://www.rawstory.com/news/2008/Bear_Stearns_and_Domino_Effect_0325.html


Oil firms aren't to blame for prices, execs tell House panel

Growing demand and curbs on U.S. drilling are among reasons they cite for record highs at the pump.

http://www.latimes.com/business/la-fi-oil2apr02,1,4932355.story

So what is to blame? Geo-politics, peak oil, supply and demand? Is this going to improve any time soon?


I leave you with an excerpt of BBC news. A clip showing an example of how a news presentation can go from normal to bazaar, in a heart beet. Things can be sounding very secure and serious one minute and then fall apart the next...

BBC NEWS READER LAUGHS AT DEATH




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