I’ve never been one to buy into doomsday prophets or scenarios, but please tell me how this is anything other than that without some unforeseen circumstance changing U.S. fortunes?

That does not mean we need to dress in camo, move to the woods, stock up on ammo, and learn about canning fruits, but it might just mean a lot of suffering is coming our way.

We really have lost the intelligence and leadership base we used to have. The Great Generation is sorely missed here in the U.S. They are/were so bright compared to our subsequent, dumbed-down generations.

There are absolutely opportunities during a time like this. Some people will get rich. Unfortunately, it will not matter much when taxes for the top tax bracket take back three-fourths of that income. The current plan (and easiest way) to currently solve this (and the planned) massive deficit is through tax increases in the future and you can be sure it won’t be on the lower class and unemployed. It all begins this year as the top tax bracket goes from 35 to 39.6%. Then it will have to keep going higher from there…

“what we are about to run into is NOTHING like the problems that we have had in the past”

Tons of people saw this coming in 2008, they just were laughed at and ridiculed. These same people now say that it is not even close to being over and we seem to think that there is no way they could be right twice.

I agree that what we are going through is painful, but I think one of the most dangerous attitudes to take at this point is that “these things happen and will continue to happen, we will be alright”.

Look at the graphs, look at the evidence, what we are about to run into is NOTHING like the problems that we have had in the past. Other bubbles were just an intro to the problems that we have heaped on ourselves. This is not just another minor correction that is coming up, this is a huge upheavel. Now whether or not it will happen this year or 5-8 years from now I have no idea. All I know is that if your business is costing $100,000 per month to run and you consistently make $80,000 per month eventually you are going to have to change the business model or face the accounting. YOu can’t say, “Well, this is just a tough time” and you can’t say “Things are just changing in business that is all”. As Rick says the numbers don’t lie, and the numbers tell us that all hell is eventually going to break lose.

This country has a history of bubbles and crashes starting with the Panic of 1819. This won’t be the last.

While I recognize that doomsday scenarios have been around for many, many years, it is only recently that the facts in our economy have so clearly shown how plausible that scenario it is.

As Americans we live in a fantasy land, thinking we can live like kings without producing much of anything anymore. Truth is that we borrow much more than we make and just like that will ruin the finances of a small family, it will also ruin the finances of a country, it just takes a little longer as has much more of an impact on a greater number of people.

I agree that this scenario might be postponed for a few more years, but at this point we are eventually going to have to lie in the beds that we have made.

Don’t get me wrong David, I am still all for reaching out and trying to create value in an economy like this, I agree, fortunes will be made, but to think that nothing is wrong is not a mentality that will serve most of us well when the shit hits the fan.

David, the same problems that caused the recession of 08′ that you mentioned have not been resolved and now wise men are beginning to see that those problems were just the early bird attendees to a “crash party” that is just about to get started.

Hold on to your horses, the next decade is going to be bumpy.

The bottom line is that most future millionaires are created during periods like this. Instead of feeling fear they see nothing but opportunity.