×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

I kid you not.

mrbluze (1034940) writes | more than 5 years ago

User Journal 0

In previous journal entries I ranted on about how the US economy is headed for a crisis, not that this was news as such, but just various musings on what it entails and what could result. A recent Reuters article entitled "As faith in bank bailouts dims, losses set to deepen", mention is made of the magnitude of the next, inevitable step in the thousand-cuts death ofIn previous journal entries I ranted on about how the US economy is headed for a crisis, not that this was news as such, but just various musings on what it entails and what could result. A recent Reuters article entitled "As faith in bank bailouts dims, losses set to deepen", mention is made of the magnitude of the next, inevitable step in the thousand-cuts death of the US economy.

Fannie Mae and Freddie Mac together own or guarantee about $5 trillion in mortgages, about half of the entire U.S. mortgage market.

These two are, of course, in the news a fair bit now, being on the brink of collapse. Their biggest foreign creditor is China.

Especially hard hit, U.S. bank shares fell this week to their lowest level since 1996 on fears of seemingly endless losses.

That has GOT to be telling you something. I don't know about you, but I am surprised this kind of stuff isn't making it to front page news on Slashdot, even though it isn't nerdy it certainly affects anyone living in the US, nerds included.

Gerard Cassidy, another RBC analyst, estimates that more than 300 U.S. banks could close their doors in the next three years, double what he had estimated back in February. Only a handful have failed so far.

Not a good time to be in debt, methinks. But of course it's not as though everyone is going to get poor over this (although it will probably be everyone I know). Some people stand to become ever-more-filthy rich, but they ought to be a little afraid themselves.

But what I think is scarier than poverty is the extreme probability that the US will kick off (or join in) a war with Iran very very soon. Where will they get soldiers for this? Maybe by the time they are needed, there will be an awful lot of unemployed and homeless young men walking around the streets waiting to be scooped up to help a ground invasion of a flattened, post-nuclear Iran.

0 comment

Check for New Comments
Slashdot Account

Need an Account?

Forgot your password?

Don't worry, we never post anything without your permission.

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>
Sign up for Slashdot Newsletters
Create a Slashdot Account

Loading...