Title : If It Quacks Like A Duck, Waddles Like A Duck
And Looks Like A Duck, Then... IT IS A
Subject : American Financial Institutions Collapse
By : David Lee Frater, Freelance Reporter, Writer,
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If It Quacks Like A Duck, Waddles Like A Duck And Looks Like A Duck, Then... IT IS A DUCK !!!
I think it's time to put down the semantics, stop dodging reality, and tell the truth, the whole truth, and nothing but the truth, to the American public, the world leaders, world economies and world investors, all across the globe.
This financial crises is not a “slump”.
This financial crises is not a “pre recession”.
This financial crises is not even a full out “recession”.
This financial crises is a MAJOR DEPRESSION, period.
Financial institutions are folding, the largest insurance broker in the country is folding, several banks, major, and minor are teetering on collapse, such as Washington Mutual, or “WaMu”, record numbers of American citizens have lost their homes and gone bankrupt, with tens of thousands, possibly HUNDREDS of thousands of more private bankruptcies very near on the horizon.
This is not a “recession”, and don't allow anyone to white wash this situation any further.
Why these financial “experts” are running around all over the news media, waving the Bush/McCain flag, declaring to everyone, that this is only a “slump” that the basics of the American economy are “sound”.... And then in the very next breath, declare that major reform, major controls, major guidelines, must be implemented immediately, to avoid further catastrophic damage, is in itself a dualistic and contradictory statement. People, if something is “basically sound”, then it doesn't need a major overhaul, it would only need a minor tune-up. Their own words betray the fact that they KNOW this is a depression, they just don't want to take the blame for it, and have to be the first ones to say the “D” word in public. Then, have to admit it happened during their watch.
If you mess up, then fess up, and pay the price.
Simple words my mom taught me as a small boy, but, as true then as now.
If our “Leaders” don't have the courage to tell the truth, to call a duck a duck, then I will spare them that inevitable embarrassment. I will say the word...
There, I said it, did anyone miss that word?
In my humble opinion, or in e-speak, “IMHO”, it will probably take two to three weeks for the full impact of these collapses to fully be expressed in the American, and global economies. There are many “hidden” aspects of this collapse that will not be apparent for a week or two, they are lurking, on the edges like stacks of lined up dominoes, teetering, waiting to fall at the slightest breeze. For example, we have a very serious financial situation in the rental market as well, which has not been fully played out yet. Over the last 7 or 8 years there has been a big push on the parts of property investors, banks, speculators, foreign venture capitalists, property developers, pie in the sky city re-development agencies, and a list of others, to build new, high rise, fancy, expensive, overpriced luxury apartment and condominium buildings all over America's cities. Indeed, even reaching down into the coasts of Mexico, in the case of large luxury retirement communities. This push, represents Billions, perhaps as much as over a Trillion dollars spent on these projects. Most of which are teetering, on the edge, on the verge of bankruptcy as well. In my city, Los Angeles, every single one of these overpriced luxury buildings sits nearly empty, no takers, no renters for the ,000.00 per month apartments, and no buyers for the 0,000.00 two bedroom condominiums. These developers were certain, that all they had to do was slap a coat of paint on an old office building, divide the floors up into dinky condos less than 1,100 sq feet, dress it up with pretty, but cheap stuff everywhere, and the air head California buyers would just gobble them up, no questions asked, paying 0,000 for a downtown, “New York Loft”, when it was really only worth about ,000.00.
This is what fueled the collapse of the housing market, and this is what is going to fuel the collapse of a sub market of that segment, the luxury apartment/townhome/condominium markets. They will collapse to, and when they do.... So will WaMu.
Mark my words.
David Lee Frater, Reporter at Large, Village Of The Angels, Los Angeles, California