The economic elite have launched an attack on the U.S. public and society is unraveling at an increased rate.
In light of the projections, Wells Fargo revised its loss estimates on various credit sectors. Wells Fargo researchers expect cumulative losses on prime ARMs to range from 2% among ‘04 vintages to 6% among ‘07 vintages. Cumulative losses should range between 6% and 11% among Alt-A/B ARMs and between 11% and 36% among subprime ARMs.
But "the worst is yet to come," according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American's standard of living is undergoing a "permanent change" - and not for the better as a result of: * An $8 trillion negative wealth effect from declining home values. * A $10 trillion negative wealth effect from weakened capital markets. * A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies." "The average American used to be able to borrow to buy a home, send their kids to a good school [and] buy a car," Davidowitz says. "A lot of that is gone."
the worldwide slowdown in that industry, which, in turn, has caused chemical production facilities around the world to close. Going forward, a number of factors will influence the availability of life-saving medicines and other critical commodities.
Shadow treasury minister Phillip Hammond described the comments as a "staggering and worrying admission". He told the BBC: "Is Ed Balls spilling the beans here and telling us that the government sees the situation as slightly more serious than they have tried to portray?"
