It's been a few months since my last post, and a lot has happened. It isn't easy reporting on the downfall of the American Economic Tragedy every day, especially with a family the size of mine.
It also isn't easy watching the industry you've been a part of and dedicated your career to literally self-combust right in front of your eyes. In other words, it can get darned depressing at times.
Family and personal obligations have made it a little hard to keep Wreckonomics up-to-date, but let's give it a try...
Hmmm... since we last spoke...
Foreclosures continue to spike to all time records
FHA has reported a 4.6 Billion dollar loss
Lehman is ready to collapse
Consumer Sentiment is at a 25 year low
Unemployment is beginning to spike
Freddie Mac is insolvent
Fannie Mae is insolvent
The Government Bailed Out Fannie and Freddie with our money
GM is on the verge of Bankruptcy
IndyMac Bank has failed
Countrywide is being sued by multiple states
Yep...
Status quo for the great unwinding of American Capitalism.
What I find most intriguing is that our government continues to sugar-coat all of this as if there is an easy way out. Our government continues to spin this massive bailout as a good thing for all of us. I think I can sum it up with a little "Who, What, Where, When and Why?"
Who
Wall Street and The Federal Government
What
The American Citizens' financial well-being
Where
The entire world
When
The last 40 years up until this very second
Why
Greed.
The focus of my next few posts will be an expose on just that... the Who, What, Where, When and Why of the great fall of our American Empire. Make no bones about it, folks, that's what we are. Of course, History and God will be the ultimate judges of this great experiment...
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