Friday, October 24, 2008

How bad will it get? New report says real bad

A new report points to a national unemployment rate of 10% by 2010 with continuing job losses for the next two years at least.

The Jerome Levy Forecasting Center at Bard College has been accurate in forecasting this recession and its severity.

It now adds that home values will drop another 20%, which will turn more loans held by banks bad. That's why the banks have been unwilling to loan money despite being bailed out by the federal government.

We are on the verge of a Great Depression. The signs are clear. Our lives will never be the same. And so many people around us will be hurting.

The economy will be whipsawed by deflation. Political leaders will make excuses as conditions continue to decline. Republicans will regain seats in Congress in 2010. A President Obama will be blocked in making any meaningful change. Health care will not be more accessible or affordable.

Save every dollar you can now. Make as many new friends as possible; you're going to need them. If your assets are in cash, keep them there. And start praying more often and bring your life closer to God for wisdom and direction.

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