“In the housing market, the financial system and the stock market, we’re already there,” Mr. Sinai said. “It is a depression.”
Note that economists and our government were aware of this impending disaster long before former secretary of the treasury testified to congress that he needed 750 billion dollars.
This is from CNN Money.com back in March of 2008:
The Federal Deposit Insurance Corp., the federal agency that backs bank deposits, last week reported the biggest jump in "problem institutions" it has seen since the savings and loan crisis of the late 1980s. While the extent of the problem is still low by historic standards, it identified 76 banks as in trouble - a 52% increase from a year ago.FDIC Commissioner Sheila Bair among regulators set to testify Tuesday at a Senate Banking Committee hearing on the state of the banking industry. Experts say the 76 banks now under scrutiny are likely only a small part of the problems now looming over the banking sector. And if I hear one more well off pundit blame the working class "bums" who signed a loan that they couldn't afford, I'm going to throw up. The majority of the hiome buyers signed those loans because they were foisted upon them by preditory lenders. Something like 60 % of the subprime home buyers qualified for a conventional FHA loan but were convinced to take the subprime adjustable loan because the lender could make more profit from it.
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Barney Frank, where were you man? You were and still are the Senate Banking Committee Chairman.
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But you see dear reader none of our economic woes will matter when we're under water.
ScienceDaily (Jan. 28, 2009) — A new scientific study led by the National Oceanic and Atmospheric Administration reaches a powerful conclusion about the climate change caused by future increases of carbon dioxide: to a large extent, there’s no going back. Regarding some of the effects of this increase in temperature, Professor Correll, who is also director of the global change programme at the Heinz Centre in Washington said the estimates of sea level rise in the IPCC report in February had been “conservative” and based on data two years old. The range of rise this century had been predicted to be 20 to 60 centimetres, but would be the upper end of this range at a minimum and some now believed it could be two metres. This would have catastrophic effects for European and US coastlines._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
New York and a large portion of Florida would be submerged. Now I know why the repubs ignored the global warming data. Now if they could just get California to fall into the Pacific ocean, they'll never lose another election.
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Ocean Temperatures And Sea Level Increases 50 Percent Higher Than Previously Estimated. Climatologists at the NASA Goddard Institute for Space Studies (GISS) in New York City have found that 2008 was the ninth warmest year since continuous instrumental records were started in 1880. The ten warmest years on record have all occurred between 1997 and 2008, the study said.
CHAMPAIGN, Ill. — Like a piece of chalk dissolving in vinegar, marine life with hard shells is in danger of being dissolved by increasing acidity in the oceans. Ocean acidity is rising as sea water absorbs more carbon dioxide released into the atmosphere from power plants and automobiles. The higher acidity threatens marine life, including corals and shellfish, which may become extinct later this century from the chemical effects of carbon dioxide, even if the planet warms less than expected. (I never really liked shell fish and didn't the old testament warn us about the evils of shellfish?) In previous studies, increasing levels of carbon dioxide in the atmosphere led to a reduction in ocean pH and carbonate ions, both of which damage marine ecosystems. What had not been studied before was how climate change, in concert with higher concentrations of carbon dioxide, would affect ocean chemistry and biology.
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Great Pacific Garbage Patch - a heap of debris floating in the Pacific that's twice the size of Texas, according to marine biologists. The enormous stew of trash - which consists of 80 percent plastics and weighs some 3.5 million tons, say oceanographers - floats where few people ever travel, in a no-man's land between San Francisco and Hawaii. A Greenpeace report found that at least 267 marine species had suffered from some kind of ingestion or entanglement with marine debris. Warner Chabot, vice president of the Ocean Conservancy says, "Many of the animals die because the plastic eventually fills their stomachs," Chabot said. "It doesn't pass, and they literally starve to death."
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Yeah but there'll be less birds to get in the way of our airliners.
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Overpopulation and the consumption and depletion of natural resources. Here's something near and dear to my heart. Overpopulation. When we're floating in our inner tubes several leagues above our foreclosed homes we'll be bumping into each other as we scramble for the last scraps of available food or container of drinkable water. Paul Ehrlich, professor at Stanford University and fellow member of the National Academy of Sciences’ Our population has boomed on this planet at an incredible and unsustainable rate. Even at “just” 6.7 billion people, we are unable to find adequate resources for all – witness the close to a billion or so malnourished among us. Now imagine a world of 9 plus billion people.
Yeah, the future looks bright doesn't it?
DaG out
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