Monday, December 1, 2008

Starting Now: America’s Second Great Depression

by Martin D. Weiss, Ph.D. 12-01-08

On this first weekday after Thanksgiving, it’s time to take a moment, look at the changes swirling all around us and think about the tasks we must achieve together in the weeks ahead.

After more than six decades of growth, America is sinking into its Second Great Depression of modern times. The place is every home, business, and community.

The time is now.

America’s Second Great Depression is not a typical 20th century recession that happens to strike a bit harder or linger somewhat longer. Nor is it merely a fictional scenario conjured up by economists with a murky crystal ball.

America’s Second Great Depression is the probable consequence of a great housing bust, a massive mortgage meltdown and the biggest financial crisis in history.

It promises to bring the worst wave of bankruptcies, job losses and wealth destruction any citizen under 90 has ever experienced. FULL STORY.

Market Summary Mon. Dec. 1 12:39

Dow 8,389.70 -439.34 (-4.98%)
S&P 500 842.58 -53.66 (-5.99%)
Nasdaq 1,443.87 -91.70 (-5.97%)

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