OneRichOne

Coming Soon: Banking Crisis of Historic Proportions

OK, lets put the blame where it really belongs. That is with all these free trade agreements. These caused massive loss of good jobs in the U.S. all in the name of cheaper goods made in Chinese sweat shops. People who were making good money wanted new homes, cars, boats and so on borrowed money to buy them. When their jobs were shipped to China and they were laid off, they couldn't pay off these loans. Many were forced into bankruptcy. Now the banks had to foreclose on overvalued homes, repossess cars, boats and so on. What will a bank do with all these overvalued homes and so on? Sell them if they can to at least recoup a portion of that money, but alas, the bank loses. Now the fed steps in and prints more paper to bail out some of the "to big to fail" banks. Borrows money from China to cover this new paper they print. Eventually, China will own the United States and never need to fire a single shot.
What can we do? Don't buy anything made in China. Whoops, that won't work because almost everything is made in china except agricultural products. We MUST bring the Jobs back to the United States if we ever hope to see the end to this mess. I do not blame the Unions for overpricing labor, and can't blame the companies that took advantage of this cheap labor via free trade agreements. If you don't believe that almost everything is made in China, just go to the store and look at any product. Guaranteed, nine out of ten things you look at will have a label "MADE IN CHINA".
A few lucky people found new jobs in the healthcare industry... at half the money their old jobs paid. These lucky people still couldn't pay the loans they took to buy the new houses, cars and so on because they were making half the money they made before their jobs were shipped overseas. The government of coarse lied to the people about unemployment because the people found jobs in healthcare or other service type jobs. I have no answers to this since many companies actually sent equipment to China to make their products.
Even service jobs went overseas to India. Just call the 800 number if you have a problem with your computer and you will get someone that can't even speak english well enough to communicate effectively.

Yes, it will get much worse before it gets any better.