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08-25-2010, 09:33 PM #1
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Stock Market Discounting Deflationary Depression 2nd Wave
Stock and Commodity Markets Discounting Deflationary Depression Second Wave
Stock-Markets / Financial Crash Aug 25, 2010 - 12:58 PM
By: Steve_Betts
Yesterday we saw that existing home sales fell 27.2% in July, more than twice the expected drop, and today we see that existing home sales fell 12% in July when the expectation was for no change. Today’s drop was the worst on record. This is the type of behavior you would expect to see during a depression and that is precisely where the economy is headed. The talking heads on TV are in denial but you can hear the doubt creeping into their conversations.
In Europe it now appears that the debt crisis was not resolved by the ECB’s injection of US $1 trillion into the bond market, only postponed. Ireland had its rating lowered today and people are now beginning to realize that Greece will have to default at some point in time. I read a report last week that claims unemployment has reached 75% in some areas of Greece!
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