Wake-Up Call - 10/21/11

The Early Stages Of Economic Collapse 

An assessment of various major cities in the U.S. Theft of public property is now rampant. Municipal budgets are not up to the job. The decline is palpable. A clip from the inimitable Bill Black about fraud and what needs to be done. Unemployment getting worse, despite the official figures. Mall vacancies hitting new records. Prices everywhere must fall to reignite competitive markets. Earnings misrepresentations are back in full force with the current third quarter statements. Banks basically are moving bad assets into “shell” corporations – and onto taxpayer-supported Freddie and Fannie, where possible.

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