The shop till I drop, I must sustain my unsustainable lifestyle, US consumers days are over.

In the coming weeks it will be evident that we will see:
1. Consumer and business debt defaults will be high to very high in 3rd quarter, perhaps higher than in 2nd quarter
2. Several large firms (financial, retailing and industrial) are likely to fail in 3rd quarter
3. State and consumer finances will deteriorate even more
Reasonable to expect or see:
1. Another 1 to 1.5 million net jobs will be lost while after tax wages and income will compress for tens of millions more who are still employed
2. Consumers will reduce discretionary and deferrable spending yet further: those who can (the top 15% of income earners) will continue to hoard cash and pay down debt
3. The economy will shrink yet again, substantially, in the 3rd quarter
4. The frequency and blatant of lies from the Government, Wall St and the Main stream media and assault on the middle class will continue to increase

Banks are playing build the biggest zombie bank so that they can hold the US economy hostage for free money and playing Where’s Waldo with their CDS and bad mortgage debt. How is this good for the American public? Especially as they hoard cash and cut jobs. I am so tired of all this C***! Sorry but I am not fooled one bit. Comments welcome.

ImpendingDoom

Related Posts:

• “Mooing in the zombie paddock.”
• Why do we need a depression to heal the U.S economy in the long run?
• The stimulus checks have done nothing to stimulate the economy
• I totally get why the banks aren’t lending.
• American Is transforming from debt spending to saving and paying down debt.

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