Now That the Shock of the Financial Meltdown has Passed, What’s Next?

Reenita Malhotra — Sun, 16 Nov 2008 23:30:40 +0000

The “shock” of the financial meltdown has passed, now comes, the “awe,” and with it plenty of questions. Primarily, “What’s next?” Is there another bubble brewing? What happens if millions of Americans begin to default on their credit card debt?

Overstock.com chairman and CEO Patrick Byrne, says we are less than 50% of the way through the mess, he predicted the coming of this current crisis many times before, starting 3 years ago, Watch this montage to see Byrne’s predictions beginning in 2005:

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Dr. Patrick Byrne has learned at the knee of Warren Buffett, the greatest investor of all time. As a child Byrne’s parents would allow him skip school so he could spend time and get an education from the “Oracle of Omaha.” Byrne founded Overstock in 1999, and in 2007 the company generated nearly a billion dollars in revenue.

Today Byrne is suggesting one of the following scenarios could occur in the coming years:

Reagan Recession: A deep retraction reminiscent of the recession under Reagan in the early 80’s.
The Lost Decade: A protracted recession similar to the one suffered by Japan in the 90’s.
Great Depression: A severe economic dip on par with the Great American Depression in the early 30’s.
Mad Max: Not likely, but still possible, a catastrophic breakdown of society with mass shortages of energy, food, and water.

Which way do you think the economy is going? What does this mean for sustainable economics?

Nothing Sustainable about a $700 Billion Bailout Plan: Why not MADE IN AMERICA?

John Ivanko — Wed, 24 Sep 2008 16:28:06 +0000

There’s nothing sustainable about the $700 billion Federal bailout plan for the decomposing financial sector of the US financial system. Americans know it, judging by the outpouring of objections sent to US legislators and reflected in national polls this past week.

According to various estimates by experts in the financial industry, the proposal to let the government buy bad assets from banks range from $500 billion to $1 trillion. Hank Paulson, Treasury Secretary, and Ben Bernanke, Fed Chairman, are asking for $700 billion – for now.

Keep in mind that this is ON TOP OF the costs already incurred for various government actions this year, including, but not limited to:

* up to $85 billion for AIG
* up to $29 billion to fund JPMorgan’s takeover of Bear Stearns
* up to $200 billion each for nationalization of Fannie Mae/Freddie Mac
* as much as $50 billion to insure money market funds
* up to $25 billion for special loans extended to GM and Ford

Let’s not forget the billions of dollars in expenses to help those in flooded or hurricane-destroyed areas – so recent that the costs aren’t even in for the damage done from Hurricane Gustav and Hurricane Ike. There’s plenty of other federal funds flowing to counties throughout the US that were declared federal disaster areas in 2008 – like in Vernon County, Wisconsin, where we own a silviculture operation.

Green Options » financial meltdown

Now That the Shock of the Financial Meltdown has Passed, What’s Next?

The “shock” of the financial meltdown has passed, now comes, the “awe,” and with it plenty of questions. Primarily, “What’s next?” Is there another bubble brewing? What happens if millions of Americans begin to default on their credit card debt?

Nothing Sustainable about a $700 Billion Bailout Plan: Why not MADE IN AMERICA?