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Thoughts on 2008- article excerpt

The worst financial crisis in two generations has erased $23 trillion, or 38 percent, of the market's value. As a band aid solution, your money that's been pledged by Congress is already equivalent to $24,000 for every man, woman and child in the country. It's nine times what the U.S. has spent so far on the wars in Iraq and Afghanistan , according to Congressional Budget Office figures. It could pay off more than half the country's mortgages.

Without a miracle – which I do not yet see anywhere on the horizon – 2009 is going to be a financially disastrous year for America and for Americans. To protect ourselves and our families, to know the real facts has now become urgent and imperative. As Marq de Villiers said, “Good information is the best antidote.”

Talking heads on cable television tell us the worst is over, things are looking up, and 2009 will be rosy. Nonsense! A recent banner headline in the San Francisco Chronicle screams “Financial Armageddon” – yet it referred only to the state of California 's state government. It could just as well describe our entire national economy.

 

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