If you lived in the Caribbean this year, it has to suck. Haiti, Cuba, Turks and Caicos, all hit by the storms Gustav and now, IKE. Ike is heading into the Gulf, again, bearing down on New Orleans by this recent projection. My agnostic prayers are with you.
Today, my mother is seeing a bankruptcy attorney. Hopefully, he'll take the case. Because, folks, it is pretty grim for her (and myself) if she doesn't get the bleeding stopped. Unlike Fannie Mae and Freddie Mac, who have the U.S. government taking over their affairs, I haven't the power to takeover my mother's or my aunt's yet.
On my other blog, I related that I would address The Perfect Storm, aka, the current financial crisis. I have flaked out only due to a myriad of other concerns. Like getting food, shelter and gas paid for or at least addressed. Assuming I can get the research back on track, I'll complete it. But, if not, here's a few highlights:
- Longstanding energy issue via the politics of the Middle East
- Changes in financial rules, going off the gold standard, and supply-side economics via Milton Friedman, former President Ronald Reagan and former Prime Minister Margaret Thatcher
- Former Senator Phil Gramm's involvement in Enron and changing banking rules to allow Investment banks and Commercial entities to operate essentially under the same roof, sharing the same assets (and same liabilities) while being linked to the subprime mortgage maliase
- The degradation of the U.S. Dollar: Trade deficit, Balance of Payments and the China syndrome
- Engaging in the Iraqi war on dubious, and often, criminally wrong pretenses because it is about oil and Middle East restructuring. Meanwhile Saudi Arabia, Russia and Iran are all legitimately doing far, far worse to the United States. The crisis in Georgia may be a political trick to convince Americans to put McCain in office
- Globalization has made us a nation of consumers - not producers - undermining our status in the world as we are only 5% of the population, but use 20-25% of world's resources
Because of these and various underlying stories, there is a likelihood of a severe recession and possibly, the D-word.
People at the bottom will really feel it.
Good Luck riding out this Perfect Storm.