Monday, November 24, 2008

Lurching Toward Gomorrah: More Signs of An Unstoppable Economic Meltdown

by Stephen Lendman
Global Research, November 24, 2008

"Crisis denialists are still around but are slowly and grudgingly giving way to the reality that global capitalism is in serious crisis as recession lurches toward depression in a continuing downward spiral.

Nearly every new data release confirm it. On November 19, housing starts and permits hit record lows, according to the Commerce Department. At an annual 791,000 rate last month, they were the lowest they've been since number tracking began in 1959.....

The World According to Paul Volcker

At a November Lombard Street Research conference in London he said: "What this crisis reveals is a broken financial system like no other in my life. (He's 81.) Normal monetary policy is not able to get money flowing. The trouble is that, even with all this (intervention and) protection, the market is not moving again....I don't think anybody thinks we're going to get through this recession in a hurry." Leading up to this has been "leveraging in the economy beyond imagination, and nobody was saying we need to do something....Alan (Greenspan) was not a big regulator."

It's now payback time, and according to economist Paul Ashworth, business spending is in "meltdown." And the same is true for maxed out consumers.

Market Watch columnist Paul Farrell sees depression ahead in 2011 and lists 30 reasons why. Here's a sampling..... "

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