>>A full 40 per cent of the world's wealth has been destroyed in the past 15 months alone, according to one of the world's leading financiers<<

"The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said. "

http://www.bloomberg.com/apps/news?p...4rI&refer=home

http://www.bloomberg.com/apps/news?p...QoM&refer=home

Almost 600,000 jobs lost, unemployment rate now at 7.6%. "Economy is still in free fall" according to one economist.

US gov keeps manipulating the numbers downward, actual number is likely twice that number or higher.

Yep, see:

http://www.shadowstats.com/alternate_data

Originally posted by GeorgeK
Yep, see:

http://www.shadowstats.com/alternate_data

Exactly what I was getting at

Originally posted by ILikeInfo
Exactly what I was getting at

I'd encourage the new administration to come clean with outside analysis.

While it was reported last fall that the failure of Lehman Brothers in September 2008 caused an unprecedented financial crisis, it looks like we weren't told just how bad it really was. The below startling recently revealed information is only being reported in a couple of places, even though the primary source for the information is a U.S. Congressman via taped statement.

Now we know what Bush meant when he said in late September at a high-level meeting, "if money isn’t loosened up, this sucker could go down.”

Quote:

**************************************
They are right to this extent: I was there when the secretary, and the chairman of the Federal Reserve (Ben Bernanke) came that day and talked with members of Congress about what was going on. It was about Sept. 15. On Thursday at about 11 in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States. The treasury opened up its window to help. They pumped $1.5 billion in the system and quickly realized that they could not stem the tide; we are having an electric run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

That's what actually happened. If they had not done that, their estimation was that by 2 that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed. We talked at that time about what would happen if that happened. It would have been the end of our economic system and our political system as we know it.

**************************************

Article Link:

http://www.poconorecord.com/apps/pbc...WS04/901280302

U.S. Congressman Kanjorski's statement on YouTube:

http://www.youtube.com/watch?v=INAGMSARPYw&eur

Note: Congressman Kanjorski is a senior member of the Financial Services Committee. He is also the Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, which has jurisdiction over securities, exchanges, and insurance matters generally, except for health insurance.

Originally posted by gwideas
I'd encourage the new administration to come clean with outside analysis.

Never happen.

They'd be lynched ...

They'll leave it to the historians, assuming they live through the bogus numbers. Fact is they know the real numbers, that's why they admit we're not near bottom yet.

Originally posted by namethink
The treasury opened up its window to help. They pumped $1.5 billion in the system and quickly realized that they could not stem the tide; we are having an electric run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

Gross error there. He said "pumped $150 billion".

I think his version of "the facts" is mostly B.S. anyway.

Particularly the cavalier statement of "It would have been the end of our economic system and our political system as we know it."