It strikes me as I walk along the sidewalk of my neighborhood how many people know how dire the current situation really is. My bet is not many.
Sure they've been hurt by falling stock prices. They also have seen their home values shrink. But I don't think it's really hit yet, the full magnitude of the situation we are dealing with, I mean.
Americans can't imagine what it would be like to be hungry. I am happy to say that I really don't. I have seen hard times, but there was always food. What if the land of SUVs and home equity lines was hungry, really hungry? What would they do? I am afraid to say.
Today we saw the market push lower than it's been since 1997. So if you bought an index fund at this time in 1997 you would have nothing but a loss to show for it. Buy and hold is dead. At least for those who die. Vampires will probably get their money back.
As always, below I present some dots to connect, that won't waste your time.
George Soros Predicts Apocalypse, Has Dinner
Glen Beck. I want to not like this guy but he is actually speaking truth to power. Not an easy thing.
What Happens if China Stops Buying Our Debt?
Gerald Celente is an interesting guy. His analysis of commercial real estate is insightful. It's long, but again, it is not a waste of time.
Gerald Celente: A Warning: When People lose everything, they lose it.
Eastern Europe is in God awful shape, Mark Faber's analysis. By the way listen to the last 30 seconds with sharp ears.
Marc Faber: Eastern Europe is Collapsing
AIG Asks for Another Bailout. Remember you pay for this...
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