Some seriously scary forecasts from Martin Weiss at Money and Markets. If the forecasts are right, it rebuffs any claim that things are going to get better in the second half of this calendar year. Indeed, it will get worse.
According to these forecasts, US unemployment will rise to 10% and if you include discouraged and part-time workers, it will be at least 16%.
There will also be an unstoppable chain of bankruptcies and the list of potential failures include Ford, General Motors, Jet Blue, Air Tran, US Airways, and Air Canada and retailers including Claire's, Loehmann's Holding, Duane Reade, Finlay Enterprises, Bon-Ton Stores, Gottschalks, Saks Fifth Avenue, Talbots, Gap, Sears, Kmart, Best Buy, and even Macy's.
According to the forecast of doom, the US government will have to give up saving companies, the Federal deficit will balloon to at least $2 trillion, the Dow will plummet to 5500 and the real estate collapse will get worse.
What we are talking about here is Depression, not Recession. Whether any of this comes to pass remains to be seen. Trouble is no-one really knows for sure.
no comment untill now