We're in a depression. More evidence from Wave 3 TV news here in Louisville.
I would add to that the fact that the number of people at the closest "Dare to Care" food bank (free, "fresh" food) has increased from about 30-40 a year ago to over 80 today and gradually clmbing.
McCain will simply make things worse even IF (and it's a big if) he doesn't start more wars we can't win.
Obama must win and carry a lot of Democratic congressional reps with him.
And with such an economic mess that we are in today, with so much of it directly traceable to a Republican congress that ruled and bullied from 1995 until 2007 and their cowboy president who has ruled for the past almost 8 years, will there still be Americans making less than $200.000 a year who will vote for a Republican?
REUTERS: HUNDREDS OF BANKS WILL FAIL
NEW YORK, Aug 3 (Reuters) - The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron's in Sunday's edition.
Taxpayers will pay a big price for helping bail out the rest of the financial services industry as well, Roubini said -- at least $1 trillion and more likely $2 trillion.Read More »
Jim Kunstler has a great blog with wonderful posts regarding our national and international predicaments. One of his recent and very interesting posts is titled "NOT YOUR GRANDMA'S DEPRESSION". In it Jim points out, using his eloquent language, how it is that American society is sliding into a greater depression than the one Grandma lived through.
As Jim points out, we are a very different country than we were in 1932. In the Great Depression, few people had any money but they still possessed fantastic resources. We had a railroad system that was the envy of the world and millions of family farms (despite the dust bowl). These farms were owned by people who retained age-old skills not yet degraded by agribusiness. We had ten thousand small towns with local economies, local newspapers and local culture.
". . .The banks have been doing their death dance for an entire year now, pretending that their problems are those of mere "liquidity" (cash on hand) rather than insolvency (no cash either on hand or in the vault and nothing else to sell to raise case except worthless "creative" securities that nobody would ever buy.)
But the destruction of money (resulting from loans not paid back) is not so intense that the game of pretend has reached its terminal point. The question for the moment is exactly who and what will be crushed as these institutions roll over and die."
According to Jim: "So where we are now is the equivalent of standing in the slop by the ocean shore under a gathering hundred-foot-high wave that is about to come crashing down on our heads."
TO READ THIS POST IN ITS ENTIRETY AND MORE OF JIM'S ENLIGHTENING POSTS GO TO THIS LINK. He is a joy to read--even if most of his news is not all that comforting.
From MSNBC: "Shiller: Housing slump may exceed Depression."
I have been calling this a recession for over a year; and I do not believe depression is too strong a term at present. It may be fine for the very upper middle and upper class; but for most of us it, at the very least is DEPRESSING. We wanted a great president; and we got a Herbert Hoover wannabe.
McCain has already admittted he knows little about economics; and his responses so far are worse than feeble. We MUST have Democrats in the White House and congress.
You can read the article here:
Only eight of Florida's 22 metropolitan areas gained jobs in February compared with the same month last year. The Orlando region was among them, but the 4,100 jobs it added was a fraction of the 36,500 jobs it had picked up during the same month from 2006 to 2007.
The construction industry, the most battered sector of the economy, continued to shrink in February, shedding 77,400 jobs in Florida -- a 12.1 percent year-over-year decrease -- including 8,200 jobs in Metro Orlando.
Little effect on tourism
The nation's economic downturn, which started in residential real estate and spread to the financial sector, has had little effect so far on tourism, Central Florida's key industry. Metro Orlando has added 4,100 leisure-and-hospitality jobs during the past year, a 2.1 percent gain.
"The folks needing food today are invisible," Krepcho says. "People aren't going to talk about it. . . . Outside disaster times, I have not seen anything like it."
Two years ago, Second Harvest served about 53,900 people in a given week. Tack on 15 percent to 20 percent above that today. And it's not just food pantries quieting more rumbling tummies.
The Women, Infants, and Children program, which feeds mothers and their kids, has enrolled 43,000 participants since February 2007. The food dollar doesn't buy as much with milk flirting with the $4-a-gallon mark and the price of other staples on the rise, so more people supplement with food pantries.
Meanwhile, a perfect storm brews:
While the rising cost of living drives demand for supplemental food, the supply is shrinking. Cutbacks in USDA commodities, which make up about 25 percent of Second Harvest's stores, haven't helped. Neither has the fact that retailers who once donated distressed items now often sell to dollar stores or prison systems to beef up the bottom line.
"We turn people away all the time," says Robert F. Stuart, who heads the Christian Service Center for Central Florida Inc., which feeds the hungry through its Daily Bread program. Once clients came in every 90 days for a care package that lasts several days. Now, he says, "we're seeing them coming every two weeks."
Meanwhile, food providers, too, are feeling pinched. Tiny outfits are negotiating gas-saving partnerships. And with diesel at about $4 a gallon, Krepcho may need to park one of the eight trucks that pick up food.
"My budget on fuel is totally blown. But I can't cut back on the diesel fuel because if the trucks don't roll, the food doesn't arrive here and it doesn't get out to the people."