Down She Goes...The Economy, That Is

Click on the title to read the latest warning

Barclay's warns of a financial storm. Fortis warns of a market crash. Royal Bank of Scotland has made the same warning. And what is the Fed doing? Nothing. Oh yes, and congress went on vacation to enjoy the 4th of July...without doing a thing. They failed to act on the housing package. They failed to act on the energy crisis. C'mon guys....the stock market continues to fall. We are in for a long haul as the world economy teeters. Since the beginning of this year, the Dow is down 14%. The Nasdaq is down 13%. S&P 500 down 13% as well. Guess it's every man for himself, for what it's worth.

People are losing their jobs. Small businesses are closing their doors. Even big stores are closing their doors all across the country...Home Depot, Lane Bryant, Foot Locker, Gap, to name a few. Thousands of people in the midwest have lost their homes and their crops...so we can expect food prices to continue to rise, along with the price of oil.

How 'bout those airlines? Holy cow! They are now charging for your checked bags, soda, window seats, aisle seats, and I just read they are going to be charging frequent flyers a surcharge! Plus, some airlines are not only laying employees off, but they are also cutting flights.

Las Vegas. Wow! Some of the casinos are closing their buffets, because they can't justify the cost anymore.

Latest gas price as of today: Average price per gallon: $4.10. California paying $4.57 per gallon.

Yet, the talking heads continue to keep us in LaLa land with their words of optimism. Do not believe that everything is going to be okay....things are about to get a lot worse.

Hang on....it's going to be a rough ride.

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