Quote:
Originally Posted by cykoe6
He said that because it is true. Bank failures are a natural result of a real estate market bubble collapse. They are not indicative of structural problem with the economy in this instance. Many stocks are up today as a result of oil falling under $100. Obviously it is a tough day for the financial sector and Wall Street but that does not mean a disaster on Main Street.
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So your only barometer on the economy is the price of oil?
Consumer debt is at a record high and climbing; more people have lost their homes than ever; wages are falling and prices are rising; 40 million don't have any health insurance; major banks are failing; energy and food costs are at a record high; the dollar is at its weakest point in 50 years; and our deficit is at a record high.
The economy is in the worst condition since The Great Depression and its only going to get worse, much worse if we have someone like McCain that ignores reality. I personally predict a major depression within 2-3 years if McCain is elected.