10/21/09 Stockholm, Sweden – The economy is still in tatters. Despite the bailout-fueled “rally,” there are a couple of shoes that have yet to drop and, according to Financial Armageddon, there are about 23 of them. In its recent post, “the sum total of all that is wrong,” it highlights 22 major areas in which the economy is completely broken and needs a major overhaul.
Here are the top ten problems…
1. A broken global credit market that has not fully recovered.
2. Lack of transparency in Mortgage-Backed Securities and other re-packaged debt instruments.
3. The increasing Federal debt, which is growing at an unprecedented rate.
4. Mountains of consumer and corporate debt.
5. The Federal budget deficit.
6. Ever-expanding bailouts.
7. Monetization of the National Debt.
8. The destruction of the American consumer economy.
9. Chronic unemployment, possibly much higher than officially reported.
10. More than $500 Billion USD in hedge funds that have borrowed short and lent long.
The full list of 22 reasons for why this recession is different originally comes from SurvivalBlog. Financial Armageddon adds an important 23rd factor that Agora Financial editors frequently mention but is often overlooked by the mainstream media — the nation’s decrepit infrastructure.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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