In case you missed it General Motors announced an 800 million dollar loss for the third quarter. That’s just one company in the manufacturing sector. When the numbers start rolling in for other companies the results are going to be jolting. A 32.9 drop in GDP for the second quarter signals that we’ve entered into a new phase in business in this country.
The idiot in chief failed to address the negative slide in GDP when he held the Press conference yesterday. Instead he lied to the people and said that we will experience rapid recovery in the third quarter. That’s a pipe dream, it’s not going to happen. What is going to happen is a further contraction in the business community. We’re going to see consumer credit markets tighten and shrink. In fact many consumers may already have experienced a reduction in credit card lines and other revolving credit lines.
When the moratorium on mortgage foreclosures and renter evictions is lifted we can expect to see alarming growth in our homeless ranks. We need to be preparing for the worse and hoping for the best. While the nation teeters on the edge of a major economic crisis the leader of the Senate will allow Senators to leave Washington for the August recess without addressing another aid package for our citizens. The price for inaction will be high and we will all pay it.
Many American families will be pushed into poverty because of a cavalier Senate approach to dealing with a real problem. The system is broken.
Think!!
Eyes Wide Open!!!