Tag: psp

Bank Country

RECESSION OR DEPRESSION IN OUR ECONOMY? = More than seven moths ago, I wrote an article describing, up to the very last point, – what would happen to this (our country the USA), if we continued spending Billions (by now Trillions) of dollars in a futile war that should had never been started. All for a country that is not our country and whose problems we will never be able to resolve.-, nor is it our duty to resolve-This country, IRAQ, never represented a danger to the U.S., as it has been well established.-The money spent in this war, together with the housing market, and the deficit, – is what has created the economic situation we are now facing-Up to datemore than 90 banks, and many brokerage firms like Merryl Lynch, CityCorp, etc., are in serious trouble-Just today, July 14th, 2008, – hundreds of customers of the IndyMac Bank of Pasadena, California, with deposits in excess of insured limits the (100,000.-),-flooded The Bank branches demanding withdrawals of their money, or to get answers about the fate of their funds.-For many of them, these funds represent their lives savings.-The officers of IndyMac shut down the California based Bank on Friday, and transferred control of it’s assets to the Federal Deposit Insurance Corp. (FDIC).-With the failed bank now under Federal control, these hundreds of people lined up before dawn, outside its headquarters branch in Pasadena. IndyMac is the largest regulated thrift to fail, and the second largest financial institution to close IN U.S. HISTORY-And let s not even mention the Stock Market.. This is another economic situation completely out of control. The one meter to measure the economics of a country, is by the performance of their Stock Market (or stock in Spanish)-If the stock market keeps performing the way it has been doing for many months, A RECESSION is Gardner-This is a terrible sign of falling into the Great Depression of 1929.