American Apocalypse. Coming Soon.

There is a business columnist for C.B.S./Wall Street Journal Market Watch, Paul B.Farrell, who has written several columns that forecast dire consequential predictions for the U.S. Economy. Reagan insider: 'GOP destroyed U.S. economy' (8-10-2010)
and
Reagan insider: GOP destroyed U.S. economy, Part 2 (5/24/11).Jar suggested that I read them, since I am always worried about my retirement and wondering whom to blame for the economic misfortunes that keep the United States from resuming its golden role as provider nation for spoiled baby boomers such as myself.Admittedly, Farrell usually writes negative columns concerning the U.S. Economy in general.
The Economic Populist

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On CBS Market Watch, Paul Farrell writes a pretty frightening article, 30 reasons for Great Depression 2 by 2011. Contained within is how now Treasury Secretary Hank Paulson knew years ago that the derivatives market could cause an economic collapse.

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So Farrell mentions Treasury Secretary Paulson knowing of such events (that was an older column from a few years ago) and in these latest columns, he mentions David Stockman, President Ronald Reagan's director of the Office of Management and Budget.I browsed the comments to the articles, hoping to glean a counter-argument that would brighten my day, but so far, most of the commentators agree with this gloomy assessment. Does anyone here at EvC have any positive messages of hope for our economic future, or are we as a nation in a huge state of denial?Add By Edit: This discussion is not about placing blame on either political party exclusively. It is about discussing the facts behind our current economic situation and arriving at a political consensus that we all can live with. Endless finger pointing and bickering will not put out the fire.Edited by Phat, : added titleEdited by Phat, : No reason given.

Oh and one more thing! Even assuming, for the sake of argument, that none of the global religions are right...and that no prophecies have any logical support consider the predicted psychological behavior of a global class war. Fact is, the wealthy own/control 90% of everything. (A common assertion in most sociology textbooks...but what does it really mean?) When the wealth is stripped away from the American middle/lower middle classes, people will be praying and will likely fall prey to huckster preachers....again! For the non-religious, being forced into a lower standard of living will also likely anger many.(I know it will me!) How will we as a people act during this inevitable financial meltdown?

I can see the wisdom of working harder and getting educated. What I can't see is the idea of making less and/or paying the bill when the wealthiest guy at the table gets a break. if we cough up a bigger percentage of our incomes, so should the wealthy guy. (am I pointing fingers? )

Fair enough.The article claims that the economy is basically already destroyed. The damage has been done. Jar mentioned this also. (why is he usually right?) If the future is gonna be this bleak, why even dream the dream anymore?

Can we blame Obama for this?

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Policymakers, investors and economic forecasters are hoping that a sharp slowdown in economic growth last month was only a speed bump on an already bumpy road to recovery.

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Because otherwise the ride could get a whole lot rougher.

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Republicans claim that only by allowing the free market to grow can the economy recover...but why is it that they are hiring cheaper foreign labor instead of US labor? How do they expect us to recover if they wont pay us??

so are you saying that since the rich lost more they should benefit more from a recovery?If a wealthy businessman has no customers who can afford his products, he will not recover either.

Have we learned anything from the past? What If We Don't Raise The Debt Ceiling?Now, if our credibility gets damaged, the rest of the world may abandon us...leaving us to flounder. Heck, the tornadoes and floods tipped us back into recession!! We are on the brink of a catastrophe!

The End, eh...What End? Are we supposed to suck it up and become a 3rd world nation for a hundred years while we fix what was broken? Try telling that to the guy with a Dodge ram and a gun-rack behind the seat. The same guy who believes that this nation was favored and blessed by God. If the corporations (mainly run by G.O.P.) abandon the American worker in favor of cheaper foreign labor, there will be a war. And can you blame the people for feeling cheated?Edited by Phat, : spelling