Grapes of Wrath : Circa 2007

For some time now I have been witnessing the downward spiral of the nations economy. Many in government keep saying and reporting that things are looking up. Obviously they would foster such reports. They don’t want people thinking that things are in fact taking a nose dive.

Every day I check the constant steady rise in virtually everything around us and it does not end. Every day it becomes harder and harder to make ends meet. The unemployment lines get longer, foreclosures keep rising, there are more homeless in the streets. A recent poll viewed on CNN showed that the people are now more concerned with the economy than with the 2 wars the U.S. is involved in. I should say 3 wars since the U.S. is also involved with the war on terror which is costing Americans millions if not billions each day. Each day more and more factories and manufacturers are laying off workers or closing. Some U.S. celebrities and the more wealthy are already changing dollars for Euros. This trend is also being witnessed in foreign countries who are now considering using the Euro as the invoicing currency for its oil exports. Even the Arab world is considering doing the same. Russia has increased the Euro to 60%.

 

Obviously these are all warning signs of things to come. Though the war mongering Bush administration is on its way out the aftermath of their actions will be felt for years to come. Let us not forget the millions that will be spent investigating that administrations wrong-doings. Already the CIA has begun moves towards hiring expensive, private counsel to defend them in the on-going tape scandal. Who knows how many other agencies, politicians, corporations are doing the same in anticipation of a huge investigation ( of which there are rumors ) when the Bush administration finally leaves the White House?

 

At this stage in the current economic crunch I can only think that we are headed towards an economic depression that will be worse than the one that hit the nation in the 1929 crash. The increasing volumes of people losing their jobs and homes reminds me of the John Steinbeck classic, ” The Grapes of Wrath ” and I can’t help but to think that that is where we are headed.

 

Of course this is my opinion. Or could it be that it is also the opinion of the masses?

 

I have hunted around and obtained a number of links to articles that give an idea as to the gravity of the situation. The reader will have to decide and make up his or her mind as to what is to come!

 

The Global Role Of The Euro

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U.S. foreclosure filings nearly double

December 11, 2007 – 8:41 AM
Last Update: 11/29 8:57 pm
LOS ANGELES (AP) – It’s a sign of the tough financial times. The government reported today that more American homeowners either fell behind on their mortgage payments or lost their homes last month compared to a year ago.
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Jobless Claims Jump Sharply

By THE ASSOCIATED PRESS Published: November 29, 2007
Filed at 8:48 a.m. ET
WASHINGTON (AP) — The number of new people signing up for jobless benefits last week jumped sharply, suggesting that the labor market is softening as national economic activity slows.

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Foreclosures nearly double from year ago: report

Wed Nov 14, 2007 8:29am EST
By Lynn Adler
NEW YORK (Reuters) – Cities in California, Florida and Ohio dominated the 25 U.S. metro areas with the highest home foreclosure rates, though rates jumped in most of the top regions during the third quarter, RealtyTrac said on Wednesday.

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The Daily Reckoning

Number of US Foreclosures Three Times Higher Than Last Year Posted by Bill Bonner on Oct 23rd, 2007
Last week was a tough one for the markets. Oil rose over US$88 and the Dow got clobbered. It fell 366 points on Friday. The euro rose to almost US$1.43.
The Boston Globe gives us a quick update on the housing picture:
“‘You can see that it’s a crisis,’ said John L. O’Brien, registrar of deeds for southern Essex County, based in Salem [Massachusetts]. ‘It’s starting to take on a life of its own.’”
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U.S. Unemployment Worsens

by Tula Connell, Oct 5, 2007
What does it mean when the number of jobs in September goes up, but the nation’s unemployment rate worsens?
One thing for sure is that the major media will emphasize the increase in jobs, even though that increase was not sufficient to staunch the souring unemployment numbers.
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Economic Report: Jobless Claims, Workers Collecting Unemployment Are Both Up 04/13/07

Economic Report:
By Jesse Russell
Jobless claims went up last week with more than 323,000 claiming joblessness. That is a jump of 7000 and is the highest mark in three weeks. The Labor Department said the n umber of people collecting unemployment also jumped – up 38,000 marking the highest point in four weeks. While economists are keeping a close eye on the jobless rate in the United States, the rate continues to hover around a respectable low of 4.4 percent.
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Last but not least you might want to click your way on over to Apathygo. WordPress  and read this article:  Detroit’s woes augur ill for US
By Adam Brookes
BBC News, Detroit