Entering the Greatest Depression in History

Introduction

While there is much talk of a recovery on the horizon, commentators are forgetting some crucial aspects of the financial crisis. The crisis is not simply composed of one bubble, the housing real estate bubble, which has already burst. The crisis has many bubbles, all of which dwarf the housing bubble burst of 2008. Indicators show that the next possible burst is the commercial real estate bubble. However, the main event on the horizon is the “bailout bubble” and the general world debt bubble, which will plunge the world into a Great Depression the likes of which have never before been seen.

Housing Crash Still Not Over

The housing real estate market, despite numbers indicating an upward trend, is still in trouble, as, “Houses are taking months to sell. Many buyers are having trouble getting financing as lenders and appraisers struggle to figure out what houses are really worth in the wake of the collapse.” Further, “the overall market remains very soft [...] aside from speculators and first-time buyers.” Dean Baker, co-director of the Center for Economic and Policy Research in Washington said, “It would be wrong to imagine that we have hit a turning point in the market,” as “There is still an enormous oversupply of housing, which means that the direction of house prices will almost certainly continue to be downward.” Foreclosures are still rising in many states “such as Nevada, Georgia and Utah, and economists say rising unemployment may push foreclosures higher into next year.” Clearly, the housing crisis is still not at an end.[1]

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Socialized Healthcare vs. the Laws of Economics

The government’s initial step in attempting to create a government-run healthcare monopoly has been to propose a law that would eventually drive the private health insurance industry out of existence. Additional taxes and mandated costs are to be imposed on health insurance companies, while a government-run “health insurance” bureaucracy will be created, ostensibly to “compete” with the private companies. The hoped-for end result is one big government monopoly which, like all government monopolies, will operate with all the efficiency of the post office and all the charm and compassion of the IRS.

Of course, it would be difficult to compete with a rival who has all of his capital and operating costs paid out of tax dollars. Whenever government “competes” with the private sector, it makes sure that the competition is grossly unfair, piling costly regulation after regulation, and tax after tax on the private companies while exempting itself from all of them. This is why the “government-sponsored enterprises” Fannie Mae and Freddie Mac were so profitable for so many years. It is also why so many abysmally performing “public” schools remain in existence for decades despite their utter failure at educating children.

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Are you a slave to Goldman-Sachs as they take over the govenment and your tax money?

 

This is facism, pure and simple. Hitler would be proud of Bush and Obama for their national socialism, or in other words, facism. Reject the humanist, Keynsian economics that will result in collapse eventually.

Is Anyone Minding the Store at the Federal Reserve?

The incompetence and the excuses for not watching the Federal Reserve are amazing. Trillions of dollars are lost in eight months and bureaucrats shield the exposure of this with their muddled answers.

“The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention

The green shoots story took a bit of hit this week between data on April retail sales, weekly jobless claims and foreclosures. But the whole concept of the economy finding its footing was “preposterous” to begin with, says Howard Davidowitz, chairman of Davidowitz & Associates.

“We’re in a complete mess and the consumer is smart enough to know it,” says Davidowitz, whose firm does consulting for the retail industry. “If the consumer isn’t petrified, he or she is a damn fool.”

Davidowitz, who is nothing if not opinionated (and colorful), paints a very grim picture: “The worst is yet to come with consumers and banks,” he says. “This country is going into a 10-year decline. Living standards will never be the same.”

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Messianic Economics: Man’s Dream of Turning Stones to Bread

By Mark R. Rushdoony

“When economics becomes a branch of politics, it ceases to be economics and becomes messianic. It becomes an instrument of power whereby men play god and plan to use human beings as their raw material.”¹

~ R. J. Rushdoony

Much attention has been focused on the messianic nature of the images and promotion of Barack Obama. The criticism of political leaders is often party-selective; such imagery has been part of modern politics for many years, most obviously in the rhetoric of political nominating conventions. It behooves us to see as equally offensive the tendency of all statists to project themselves as noble paragons of truth and justice.

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Inflation and the Love of Money

Rev. R.J. Rushdoony

According to D. B. Knox, “The view of the Old Testament and of the New Testament is that wealth is a blessing from God.”¹ A statement like that is very upsetting to many modern churchmen, who are bent on establishing wealth as a mark of sin. Some ministers have maintained that to make more than $30,000 a year is sinful; other churchmen, whose salaries perhaps approach that sum, have set the sinful level somewhat higher! Abraham, blessed by God, was made rich (Gen. 13:2). Psalm 112:1–3 declares,

1. Praise ye the LORD. Blessed is the man that feareth the LORD, that delighteth greatly in his commandments.
2. His seed shall be mighty upon earth: the generation of the upright shall be blessed.
3. Wealth and riches shall be in his house: and his righteousness endureth for ever.

Men are called to be faithful in the use of wealth (Luke 16:11), and to be liberal toward those in need (1 Tim. 6:18). Riches are a blessing to be enjoyed, but with a sense of responsibility (1 Tim. 6:17–18). We are not to trust in our wealth but in the Lord (Ps. 62); those who trust in their wealth or riches are denounced (Luke 6:24–25; James 5:1–6), and their trust is productive of evil.

However, the Bible does not say that wealth leads to sin; rather, man’s sinful heart uses wealth at times to increase the scope of its sin.

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A Video Demonstration of the Credit Crisis

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

The Next Housing Crisis/Collapse – You Have To See This….

Watch how more government intervention and socialism will make this recession worse. FDR’s socialsim took a recession and transformed it into a Great Depression in the 30’s. Glenn Beck reveals how Obama’s socialism is now forcing you to spend an extra $100 per month to pay the house payments for thso who don’t pay themselves. You would think that the collapse of the Soviet Union would have taught us that socialism has always failed in history.

Obama hits back at ‘tea party’ rant

Posted: February 20, 2009
4:54 pm Eastern

© 2009 WorldNetDaily

White House spokesman Robert Gibbs responds to a CNBC analyst’s rant against the president’s mortgage-rescue plan
The White House apparently noticed yesterday when a CNBC analyst’s impassioned critique of President Obama’s mortgage-rescue plan became an Internet phenomenon.

At the presidential press briefing today, press secretary Robert Gibbs eagerly responded to a reporter’s question about Rick Santelli’s rant amid sympathetic, angry traders at the CME Group in Chicago.

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