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Dow Down 450; Gold Up $85

By: Steve Johnson

9/18/2008 - 15 Comments

Yesterday, the Dow dropped another 450 points and Gold shot up $85 per ounce – the biggest single day increase in a long time. 

I have been warning many of my family, friends and readers about this pending financial market meltdown for years – and now it finally looks like it’s upon us. 

If you are just finding my blog, in search for answers to this market meltdown, here are some of the articles from the last few months.  You can read more of our articles on the Archives page.

Despite what the majority of the financial media continues to say, this is not a temporary decline in the markets. The money that has been lost is not going to be quickly regained and many of the Wall Street investment firms will need to be rebuilt. It could take ten years to rebuild, as the economy tries to adjust to the massive change from the current 70% consumer driven economy to something else. 

I don’t know for sure how much further the market is going to drop. It may hold for a few months until after the presidential elections.  It could drop very fast or it could drop slowly, I have no idea.  I’m not an investment broker or a legal financial planner, so please contact a licensed professional before making any financial decisions.

What I do know is that the government is primarily to blame for this disaster as they tried to plan the economy with ultra low interest rates and intervention in the mortgage market with the creation of the (monopoly like) government backed organizations of Freddie Mac and Fannie Mae.  It is these organizations that are at the center of the crisis.

In the very near future, the congress and the administration will need to cut government spending like there is no tomorrow.

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The Speculation Economy

American businesses today are obsessed with the price of their stock, and no wonder. The consequences of even a modest decrease can be so dire that some executives would rather damage their corporation's long-term health than allow quarterly returns to fall below projections. But how did this situation come about? When did the stock market become the driver of the American economy? Lawrence E. Mitchell identifies the moment in American history when finance triumphed over industry.

A Demon of Our Own Design

Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street–from Morgan Stanley to Salomon and Citigroup–and a member of some of the world’s largest hedge funds, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. Bookstaber gives readers a front row seat to the management decisions made by some of the most powerful financial figures in the world that led to catastrophe.

Crash Proof

Peter Schiff has predicted the economic hardship more accurately then any other economist in the world in this book. Everything from the housing crash to the credit crunch to the stock market. Peter has a plan to help you servive the crash. Peter explains why the Wall Street investment firms are still trying to sell you stocks, and was the house prices are likely to continue to decline for years to come.

The Coming Economic Earth Quake

Larry Burkett explains how the financial troubles in America started back in the 1930s. Larry explains the economics of huge goverment and public deficits and how it leads to hyper-inflation. We may be headed for another great depression.