Despite the propaganda coming out of Washington, DC., millions of Americans are in deep financial trouble. Last week the media cranked up the mantra that Wall Street may be getting more optimistic. Really?
1 -May 2, 2008. Linens 'n Things files for bankruptcy protection - 120 stores to close
2 -April 30, 2008. Disappearing now: $6 trillion in housing wealth. "A Washington think tank is warning that housing prices are falling at an accelerating level, destroying wealth at a pace that will cost the average homeowner $85,000 in lost wealth this year alone."
3 -April 29, 2008. Foreclosures Spike 112% - No End In Sight. "More than 155,000 families have lost their homes to foreclosure this year; one out of every 194 U.S. households received a foreclosure filing." (This year? We're only into the first week of May.)
4 -April 29, 2008. Americans sell personal stuff to make ends meet
5 -April 29, 2008. More Subprime, Alt-A Mortgages May Head `Underwater'
6 -April 28, 2008. U.S. Credit Card Debt Soars to Unprecedented Heights. "Washington -- Studies indicate that credit card defaults and related write-offs increased drastically since 2006. Today, lenders write off 33 percent more in credit card debt than they did two years ago."
7 -April 22, 2008. The trillion-dollar mortgage time bomb. "Risks are rising that Fannie Mae and Freddie Mac may need a government bailout that could cost far more than previous rescues."
8 -Fried in the Financial Sun. This is the derivatives nuke, folks.
9 -April 21, 2008. From boom to bust: Minnesota's new ghost towns
10 -May 1, 2008. Home Depot to close 15 stores, cites poor performance. (This is a direct result of the housing meltdown)
11 - Got $4 bux for a cup of coffee at Starbucks? 'Starbucks Earnings Sink 21%.' May 1, 2008: Starbucks Cuts Back on Planned U.S. Store Openings
12 -May 1, 2008 (scroll to the bottom). Deficiency notice from pension plans - steel workers and teamsters. Sinclair is very respected in his field.
13 -April 8, 2008. Over nine hundred thousand pink slips were issued over the last year.
14 -April 22, 2008. California Meltdown: Foreclosures up 327% from '07 levels - 500 foreclosures per day!
15 -April 2, 2008. U.S: financial industry sets record for job loss
16 -March 21, 2008. American financial refugees flooding into Canada
17 -February 22, 2008. City officials weigh bankruptcy filing. (This won't be the last and the solution by city fathers will be to substantially jack your property taxes.)
18 -February 13, 2008. Bush Administration Hides More Data, Shuts Down Website Tracking U.S. Economic Indicators
19 -May 2, 2008. Sun Microsystems Inc., Cuts Jobs After Loss
20 -April 28, 2008. Opec chief warns of $200 a barrel oil price
21 -April 26, 2008. Consumers Falling Behind Utility Bills