Can You Say Depression? The Feds Can't Quite Do It.....Yet, Anyway

US manufacturing hits 26-year low: ISM
US manufacturing slumped to a 26-year low in November, highlighting the abrupt downturn in the world's biggest economy, a survey showed Monday.

"The worsening credit crisis and deepening global slump have pushed the ISM index below the 41 figure that is consistent with past recessions," said Sal Guatieri, economist at BMO Capital Markets.

"The fact that the index continues to decline points to more than your garden-variety downturn."

U.S. May Be in for ‘Great Recession’

The U.S. economy, now officially in recession, may be in the midst of the longest slump in the post- World War II era as job losses mount and credit dries up.

“This may be referred to as the Great Recession,” because of its length, said Norbert Ore, chairman of the Institute for Supply Management’s factory survey. “It looked like we were headed for a shallow recession earlier in the year because of higher energy prices. With the meltdown in the financial sector, it has become something more serious.”

Mortgage delinquencies shoot up to nearly 4 percent in 3Q, nearly double historical average

For the quarter ended Sept. 30, 3.96 percent of people holding a mortgage were at least 60 days behind in payments, compared with 2.56 percent in the 2007 third quarter.

"It's nothing short of staggering," said Ezra Becker, principal consultant in TransUnion's financial services group. Becker noted the rate had hovered at about 2 percent for years, until the second quarter 2007, when it started climbing.

Moreover, the climb is not likely going to slow, he said. "Our projections are that it's not only going to be increasing but it's increasing at a faster pace," he said. The fourth quarter of 2008 could see the percentage of mortgages past due jump as high as 4.6 to 4.7 percent, he said, an estimate that reflects the recession and rising unemployment rates. "This is more pessimistic than what we would have forecast a quarter ago," he acknowledged.

Breakdown of the Global Monetary System by Summer 2009

The G20-meeting held in Washington on November 14/15, 2008, is in its essence a historical indicator that the Western - above all Anglo-Saxon - monopoly on global economic and financial governance, is coming to an end.
Four key-factors are now pushing the Bretton Woods II (2) system to collapse in the course of the year 2009:

• Fast weakening of the central players: USA, UK
• Three visions of the future of global governance will be dividing world’s largest players (United-States, Eurozone, China, Japan, Russia, Brazil) by spring 2009
• Unbridled speeding-up of the last decade’s (de-)stabilizing processes
• Increasing number of more and more violent backlashes.

The agitation that has seized global leaders since the end of September 2008 indicates that panic has struck at the highest level. Worldwide political leaders have now understood that the house is on fire. But they have not yet perceived something obvious: that the very structure of the building is involved.

The Worst Is Yet To Come
Anonymous Banker Weighs In On The Coming Credit Card Debacle

Today, we are bailing out the banks because of their greedy and deceptive lending practices in the mortgage industry. But this is just the tip of the iceberg. More is coming, I’m sorry to say. Layoffs are being announced nationwide in the tens of thousands. As people begin to lose their jobs, they will not be able to pay their credit card bills either. And the banks will be back for more handouts.

Even Bushie has finally admitted that the economy is in big trouble, acknowledging that we are in a "recession"....of course, this is more than a recession, but the powers that be just can't bring themselves to admit to the big "D" word yet....but, it's coming, and they just make it worse by dancing around the issue. The majority of the American people, even those tuned in enough to see what's happening, don't want to believe it can happen here...but it is happening. Our economy and a good part of the global economy is collapsing. We are in for quite a ride over the next few years.