Highlights from an interview by Meredith Whitney currently on CNBC:
* A double dip in housing is a certainty
* State economies are plunging and are $200 billion underwater, will lead to 2 million in state-level layoffs leading to a low-end impact; raising taxes at state level will impact the top-end
* Retail sales have been stronger only due to consumers not paying mortgages, retail sales have already topped as is
* Second quarter bank results will finally catch up with accelerated mortgage foreclosures; charge-offs and delinquencies in credit cards are better due to mortgage non-payment cash flow going to other obligations. This will soon top as well.
* Structural employment issues in the US won’t get better any time soon
The experts are saying that the economy is going to get worse. How’s your personal economy? What are you doing to prepare and care for your family?
Again, if you’ve paid attention to global economics, I hope you’ve taken care of your personal finances. I focus on my own micro economy because I’ve done what I can to set myself up to ride this economic wave.
What have you done to prepare?
