America's economy risks the mother of all meltdowns

[SlowDownFast]

America's economy risks the mother of all meltdowns

By Martin Wolf Tue Feb 19, 1:25 PM ET

I would tell audiences that we were facing not a bubble but a froth - lots of small, local bubbles that never grew to a scale that could threaten the health of the overall economy." Alan Greenspan, The Age of Turbulence.

That used to be Mr Greenspan's view of the US housing bubble. He was wrong, alas. So how bad might this downturn get? To answer this question we should ask a true bear. My favourite one is Nouriel Roubini of New York University's Stern School of Business, founder of RGE monitor.

Recently, Professor Roubini's scenarios have been dire enough to make the flesh creep. But his thinking deserves to be taken seriously. He first predicted a US recession in July 2006*. At that time, his view was extremely controversial. It is so no longer. Now he states that there is "a rising probability of a 'catastrophic' financial and economic outcome"**. The characteristics of this scenario are, he argues: "A vicious circle where a deep recession makes the financial losses more severe and where, in turn, large and growing financial losses and a financial meltdown make the recession even more severe."

Prof Roubini is even fonder of lists than I am. Here are his 12 - yes, 12 - steps to financial disaster.

Step one is the worst housing recession in US history. House prices will, he says, fall by 20 to 30 per cent from their peak, which would wipe out between $4,000bn and $6,000bn in household wealth. Ten million households will end up with negative equity and so with a huge incentive to put the house keys in the post and depart for greener fields. Many more home-builders will be bankrupted.

more:
http://news.yahoo.com/s/ft/20080219/bs_ft/fto021920081334359078

[IndyOp]

1. My new investments...

Soups - several months worth...



Personal hygiene products - 3 year supply...
http://ecx.images-amazon.com/images/I/419wGQN4zrL._AA280_PIbundle-6,TopRight,0,0_AA280_SH20_.jpg
http://ecx.images-amazon.com/images/I/41RXOUvIKKL._AA280_PIbundle-4,TopRight,0,0_AA280_SH20_.jpg


My next investments...



:eyes:

[SlowDownFast]

2. You could use just the Bronners for most of that.

One bulk bottle of Bronners Peppermint can be used for toothpaste, body soap, shampoo, laundry detergent, dish soap and more.

"TO SIMPLIFY & ENJOY LIFE MORE, DILUTE 1/2 OZ. OR 2 SQUIRTS OF THIS PURE
CASTILE SOAP WITH 2 GALLONS OR SINKFUL HOT WATER, THEN TOWEL MASSAGE A
FACIAL PACK, THEN WRING TOWEL OUT & FINGERTIP MASSAGE YOUR HAIR & SCALP.
ENJOY THE CREAMY EMOLLIENT LATHER ON BABY, BATH, BEACH, BODY, DENTURES,
MINT DEODORANT, SHAVING, MOUTHWASH-SILK-WOOL-PETS-DIAPERS-CAR-HAND & FOOT
SOAP."

"DON'T DRINK SOAP! KEEP OUT OF EYE! DILUTE! DILUTE! OK!"

"WE'RE ALL ONE OR NONE!"

[NMDemDist2]

3. yup,on our multi day river trips or hiking trips the only soap we carried

was Bonners and it didn't pollute the steams either

[IndyOp]

4. I can't bring myself to use the Bronner's as toothpaste... It works fine for dishes,

though -- that I can say for sure. A high point of my morning is deeply inhaling the scent of Bronner's while I am standing in the shower.

:D

[bagrman]

5. Where can you buy bulk of Bonners?

[IndyOp]

6. I ordered the bottles from my local grocery store -

The grocery store gives a 10% discount for any orders of 6 or more.

:hi:

[bagrman]

8. thanks

[SlowDownFast]

7. Your local natural foods co-op.

You might be able to order it online - Google is your friend.