- Brace for a Wave of Foreclosures, the Dam is About to Break – (Archive)
- Nearly One-Third Of All Mortgages Are Underwater (PDF) – (Archive)
- Is This the Start of the Big One? – (Archive)
Apparently, we have not yet come to the end of the foreclosure mayhem, and therefore, the stress on banks, and therefore the rest of the economy, including the Fed, government and taxpayers. On top of the potential landslide of commercial real estate foreclosures expected this fall, it now appears that about one-third of all mortgages in the U.S. are now underwater (meaning they are on the path to foreclosure or are in the process). Many of the things Peter Schiff and Gerald Celente were saying earlier this year are now coming to fruition. And as Biden said that they “misread how bad the economy was,” well, that appears to be exactly the case. What we have been seeing in the markets since March or so has been a bear market rally it appears.
If Celente’s and Schiff’s predictions hold up, we have years to go before it gets any better in the economy. Just as in the Great Depression, government intervention didn’t fix the problem, it just prolonged it and kept us from a solid recovery. The only thing that got us out of the depression was production and savings, brought on by a massive war, which in Europe was greatly a product of the logical end of eugenics. History repeats itself in strange ways sometimes. This time around, we have economic calamity (like the depression), climate change (like eugenics), and an unstable Middle East (like Europe).