IMHO we're all fucked and it is impossible for anyone to do anything about it. There is no solution, only a slow descend into hell. Time to bail the country while you still can since every municipality and state is insolvent. Even if no financial crisis and housing prices went up 10% forever, SS and Medicare was a ticking doomsday bomb designed to take the entire worldwide financial system down. The credit crisis of 2008-2009 just speed it up 30 years or so.
We traded as low as 6918 on YM. The PPT has a few more bullets but the economic situation is futile since it cannot recover.
Podcast available for free for one week (download) of program I referenced in other thread that supports the notion we've arrived at the point of no return: http://www.thisamericanlife.org/Radio_Episode.aspx?episode=375 If someone listens to this and gives me a serious answer that has any merit as to how we're going to solve this problem of insolvency insanity that we're currently in, I'll be in awe and inspired.
You will be surprised, but there are some good news out there : UBS upgrades Enel to buy from unchanged UBS upgrades Tate & Lyle to neutral from sell UBS upgrades Akzo Nobel to buy from unchanged UBS upgrades Repsol to buy from neutral
Banks cash in on state-backed bonds The worldâs biggest have earned more than $900m in fees in less than four months by selling government-guaranteed bank debt to investors. JPMorgan earned almost $130m from selling 51 bonds, while Bank of America/Merrill Lynch has netted $105m in fees from 34 issues since October, More⦠The worldâs biggest have earned more than $900m in fees in less than four months by selling government-guaranteed bank debt to investors. JPMorgan earned almost $130m from selling 51 bonds, while Bank of America/Merrill Lynch has netted $105m in fees from 34 issues since October, according to Thomson Reuters and Freeman & Co. UK banks such as Barclays, Lloyds and HBOS led the way, followed by other European banks and financial agencies. Bond issues under these government-guarantee programmes have now reached a total of $367bn â 15% of total global debt issuance.