The Latest From Matin Weiss

[Northern Boy]

I just received this in the Mail from Martin and am posting it here . We all know this system is failing and will continue to do so till thew PTB offer us their solution . I hope we are smart enough to say NO.


The next shoe is getting ready to drop in the economical meltdown we are currently experiencing here is what you can expect to see happen shortly

BREAKING NEWS: Home foreclosures exploding to a new all-time high — enormous new bank losses ahead! Retail sales plunging much faster than Wall Street had dreamed possible — huge new losses ahead at retailers! Massive NEW layoffs at GM and Chrysler; hundreds of thousands more jobs vanishing at dealerships and suppliers!This is the critical moment to take decisive action: Just when they told us the worst was over .
.. Just as gullible investors pushed stocks higher on news that would have been viewed as catastrophic in less insane times
...Major new fault lines are now opening in the foundations of the U.S. economy, setting the stage for the next, even more devastating phase of this great crisis.Just in the last few hours, we learned that
... Consumer spending is plunging:
The Commerce Department announced that consumers — a whopping 70% of the economy — unexpectedly slashed spending for a second straight month.Conclusion: Get ready for even more disastrous corporate losses and stock declines ahead!
Home foreclosures are soaring:
RealtyTrac reported that home foreclosure filings skyrocketed 32 percent to a new all-time record high in April, making the March-April period the worst two-month surge in foreclosures ever with a record 682,000 homeowners receiving notices.
And as if that news isn’t disturbing enough, they’re also warning that the greatest surge in foreclosures of this crisis is still ahead.
Conclusion:
The housing bust that lit the fuse on this economic crisis is nowhere near ending. A new explosion in loan losses is about to crush banks. With Washington’s bank stress tests already being seen as a sham by most, this new surge in mortgage defaults is already beginning to sour billions MORE dollars of bank assets.
Conclusion:
The credit crisis that nearly triggered a global economic Armageddon last year — a world-wide, systematic shutdown — may well strike again in the months ahead!
New employment implosion taking shape NOW.
Yesterday, Chrysler dealers warned that the automaker is about to close 800 dealerships with thousands of employees. General Motors is following suit.Plus, with Chrysler bankrupt and GM less than three weeks away from its June 1 deadline, hundreds of thousands of workers at these two companies ... plus thousands of dealerships and suppliers ... are now only days away from losing their paychecks.
Conclusion:
With U.S. already more than 8 percent, these new job losses can only cause MORE mortgage defaults ... credit card defaults ... auto loan defaults ... and make consumers MORE reluctant to spend in the weeks and months ahead!
The Social Security and Medicare day of reckoning is here, NOW.
Old news? Absolutely not! A new government report says that, with 70 million baby boomers officially beginning to retire this year, the crashing economy has left the two programs with more than $53 TRILLION in unfunded liabilities.
Conclusion:
Washington simply cannot afford to save every “too-big-to-fail” company AND ALSO preserve Social Security and Medicare benefits for 70 million Americans. Something's got to give, and it's going to be the government's power to bail out the U.S. economy.
BOTTOM LINE:
All of these new revelations — the probability of which was glibly ignored by the government's stress tests — can only kill the “green shoots” Wall Street stock hucksters have hyped in recent weeks ... crush bank stocks ... and trigger a new debt crisis that makes last year’s pale by comparison.


From the Martin Weiss research Group