Doomsayer

Some of you may remember when I spoke in adult ed last year that I was concerned about the U.S. Government losing it's AAA credit rating...which would be catastrophic. So when I saw this column in Market Watch, it caught my interest. Columnist Paul Farrell sees a depression coming and lists 30 reasons why. Here is a sampling;

-- America may lose its AAA credit rating; it already exists in name only;
-- growing numbers of companies need bailouts;
-- "Treasury sneaks corporate tax credits into bailout giveaway, shifts costs to states;"
-- sinking state revenues and rising debts signal trouble;
-- "state, municipal, corporate pensions lost hundreds of billions on derivative swaps;"
-- "consumer debt way up, now at $2.5 trillion; next area for credit meltdowns;"
-- Fannie Mae, Freddie Mac, AIG, the big banks and other companies are bleeding cash and want more taxpayer dollars;
-- bailout costs will be in the many trillions;
-- all asset classes are sinking and signal a global meltdown;
-- retailers are failing; "mall sales (are) in free fall;"
-- unemployment (is) skyrocketing; and
-- "government policy is dictated by 42,000 myopic, highly paid, greedy lobbyists" - exceeded only by Wall Street's level of greed and corruption.

I certainly hope he is wrong, but if God decided to cast down our false idol of money and wealth then...thy will be done.