Re: HDRkid
To All -
Alan Greenspan, former chairman of the Federal Reserve, says he is shocked at the credit system breakdown. Well, I am not shocked. Hell, I have been talking nonstop about economic collapse for the last four years. About financial armageddon and apocalypse dow. The DOWN Jones Industrial average was DOW over 500 points yesterday, and DOW over 200 points the day before yesterday. The good news is that not only was I out the market, but many of my friends listen to me and pulled out before the crash. A few are now crying, they jumped in to buy bargains and got burned bad. PLEEZE, the DOWN Jones Industrial Average contains companies that are dinosaurs - like GM that still makes the Hummer - sales are down 50% this year for the supersized SUV.
Greenspan shocked at credit system breakdown
Greenspan shocked at credit system breakdown | U.S. | Reuters
"this crisis, however, has turned out to be much broader than anything I could have imagined," said Greenspan
At least he does not claim that the crisis was obvious and that he knew it was going to happen.
He said that the Financial crisis 'like a tsunami"
BBC NEWS | Business | Financial crisis 'like a tsunami'
Yes we are going to be hit with an economic SUEnami and a tidal wave of bankruptcy. Of course debunkers will say "I knew all the business would go under, that was obvious and when something is obvious it does not count as a prediction." Take a look around, my predictions are coming true and Darby talks about Coke Blaq that I was off by a letter. Trust me on this if I predict that gold goes to 2000 and it only hits 1999 you are much better off than holding paper. Right now many big banks desperate for cash are selling everything they have including gold reserves, but soon gold will resume its upward course. Case in point, a silver quarter in 1964 could buy a gallon of gasoline, now that silver quarter is worth about ten times as much and you can still get about a gal of gas with it. Paper money becomes worthless, but metal retains its value.
For those of you that believe we are hitting bottom, I can tell you that foreclosures are up this year 71% and that as we move deeper into depression that number will go up as more and more people lose their jobs.
Foreclosures up 71%
Foreclosure filings spike 71% in 3rd quarter - Oct. 23, 2008
Bloomberg.com: Worldwide
``Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs and unemployment,'' Greenspan said