Realist or Alarmist?

[SHRED]

The Great Housing Crash of '07
by Mike Whitney
www.dissidentvoice.org
September 1, 2006

~SNIP~

There is no real growth in the American economy. Figure it out. Last year Americans saved less than 0% of their net earnings while they borrowed a whopping $600 billion from their home equity to piss away on a consumer spending spree. Once home prices begin to retreat, that $600 billion will evaporate, real GDP will shrivel, and the economy will begin flat lining. (Consumer spending is 70% of GDP)

The Federal Reserve's plan is so simple; we shouldn't dignify it by calling it a conspiracy. It's merely a matter of hypnotizing the masses with low interest rates while trillions of dollars of real wealth is diverted to corporate bigwigs and American plutocrats.

It might not be rocket science, but it worked like a charm.

Now, the trap door has sprung, the country is dead broke, and all the levers are in place for a police state. As the housing balloon plunges toward earth, the new Halliburton detention centers are up and running, the National Guard is in Rummy's control, the Feds are able to listen in on every phone call we make.


FULL ARTICLE: http://www.dissidentvoice.org/Sept06/Whitney01.htm

[Erika]

1. This has been the neocon's plan every since Reagan

Create a two class caste system. The upper (ruling) class gets the $ and the profits. The middle class is done away with.

The upper class convinces the poor they are really quite well off compared to the rest of the world, and sends them off for empirical wars.

Anyone who dares to rebel is discovered by the neocon corporate/global rulers and silenced.

[OwnedByFerrets]

2. Scary, but true. nt