Signs of Armageddon on Wall Street

Am I the only one who sees Armageddon approaching Wall Street? The signs are pretty clear to me – foreclosures on the rise, and economic indicators the worst they’ve been since 2003! The serious loss of well-paid manufacturing jobs to overseas workers had had an obvious impact. This large segment of our population can no longer afford stable 30-year home loans, not on the minimum wage jobs they have been forced to accept as the US factories close one after another! As a result, they, and the already existing large pool of unskilled workers, are either priced completely out of the home market or are forced into risky sub-prime loans – which often lead to foreclosures.

Yes, outsourcing US manufacturing jobs pays dividends in the short term – corporations return to profitability temporarily and well-fixed retirees can continue to collect their inflated dividends. Sooner or later, however, the lack of buying power by our vast middle-class will create a catastrophic fall in consumer spending. This, coupled with the inevitable drop in monies going to the industrial/military complex, will engender growing lines at the unemployment offices.

I’m sure that the “Bulls and the Hawks” amongst you will call me to task on this one. No matter; it’s your money!

Robert F. Green