By theapproachingwinter
Digital delivery
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Page 28
"As the economy of 2008 continues to struggle and become deeply entrenched in a recession, the American psyche will become increasingly more pessimistic. Very soon Americans will be able to relate to our co-citizens of the 1930s. We will go through an array of emotions. First there will be surprise. Then we will see disbelief, shock, concern, fear, frustration, anger, outrage and, finally, depression. These emotions will trigger massive protests and marches in our nation’s largest cities and our nation’s capital. Unemployment will rise sharply. Real estate foreclosures and personal/corporate bankruptcies will continue to multiply and set records."
Page 39
In my first book, The Approaching Winter: The Next Great Depression, I wrote, “In my opinion, the causes of the next great depression will be clear: An unseen reversal in psychology from optimism to pessimism was the catalyst to a bear market in stock exchanges in 2000. Basic economics and common sense were abandoned as government leaders, in their insatiable thirst for power, ignored the warning signals of the largest national and personal debt in history and an extreme over-extension of credit. The bursting of the credit bubble, along with the crash of the stock and housing markets, ushered in fears of deflation and a contracting economy. And that will produce a downward spiral of despair and the greatest U.S. depression of all time.”
Page 53
If you think the Federal Reserve, which is one of the most powerful institutions in the world, controls the economy of this nation and therefore its destiny, you are right. Not only did the Fed create the housing and credit bubble by slashing interest rates to their lowest point in four decades, it has set the stage for the coming crash of the economy. Now, the Federal Reserve is trying to correct the mistakes it and the Bush administration made while Mr. Greenspan was chairman. Whatever they decide will create more problems. It will be like attempting to stop an avalanche that’s half way down the mountain.
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