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Is Joel Right On Economy?

Saturday, June 28th, 2008
Posted in Uncategorized by Joel Gross

For a long time now I’ve been saying the American economy is in some deep trouble from the massive mismanagement of our national debt, the curtailing of the free economy by ridiculous regulations that don’t protect anyone (mortgage industry with Fannie Mae & Sallie Mae), troubles in the stock market and investment banks, general economic troubles, and America’s potential bankruptcy.

Now my worst fears are coming true, as reported by the New York Times.

  • Oil is now priced at over $140/ barrel due to our mismanagement of OPEC, the lack of new oil refineries, the weakening dollar and the Iraq War.
  • General Motors and Ford are both expected to default on their corporate debt in the next five years. GM’s stock price is now down the lowest point in over 30 years (1974).
  • The Dow crashed 358 points on Thursday to 11,453 points.
  • The Fed sold out free market principles and bailed out a private company (Bear Stearns.) The Fed also has done all it can for the markets by lowering interest rates and providing liquidity.. but the market is still going down.
  • The US dollar is at a record low versus the Euro and it continues to decline. Our money is becoming worthless.

What do you guys think of our current economic condition and where is it going?