Interesting Info: Defconomy

So to understand what a real meltdown could look like, I turned to Nouriel Roubini, chairman of RGE Monitor and professor of economics at New York University’s Stern School of Business.

That not only triggers massive numbers of foreclosures and lost household wealth, but it also sets off another large wave of bank write-downs.

How you’ll know we’re here: Americans upside-down on their mortgages and unable to pay their home equity loans begin defaulting on other debt, like credit cards, car loans and student loans.

How you’ll know we’re here:Americans upside-down on their mortgages and unable to pay their home equity loans begin defaulting on other debt, like credit cards, car loans and student loans.

In fact, over the summer, as I was questioning the conventional wisdom, I read an article on my television show that quoted a financial expert as saying, “It is the strongest global market that we’ve seen in the history of measuring these things.”

But with predictions of a recession now more common than Fed rate cuts and that’s saying something maybe now it’s time to look at a worst-case scenario.

A lot of those people, he believes, will simply walk away from their homes and send their keys back to the bank.

A few years back, I was taking a theology course and the professor recommended only the books whose authors he agreed with.

I learned a lot from my grandfather, but that might have been the greatest lesson he ever taught me.

What will be known to future generations as “The Greater Depression” has arrived.

Editor’s note: “Glenn Beck” is on Headline News nightly at 7 and 9 ET.

CNN is reporting that a French inventor and former race car driver has created a new car that.

After all, following the herd is fine until they all run off the side of a cliff together.

Unfortunately, they were really complicated, and I have severe ADD, so I’ve boiled them down into five phases that even a rodeo clown like me can understand.

He wasn’t just talking about managing money, he was talking about managing life and his words have stuck with me since I was a child.

After all, considering all sides of an issue, no matter how extreme they may be, doesn’t make you a crazy person; it makes you an educated one.

Anyone who says that can’t happen again either doesn’t know history, doesn’t understand how interconnected the world’s economies have become, or is lying to you.

How you’ll know we’re here: The housing downturn turns into a free fall, making it the worst collapse in our country’s history.

Even my wife who has little time for games of any sort enjoys Dancing with the Stars game as well as keeping up her with her daily Health Test.

A national or large regional bank finally collapses, triggering hedge fund failures and general chaos on Wall Street, potentially leading to a 1987-style market crash.

Roubini believes that this will be a “very painful and severe recession” that could last for 18 months or more, but it will be more like 1981 than 1929.

That results in a “vicious circle” of additional write-downs, stock market losses, and bank collapses, which leads to even less credit being available.

That is until this past Christmas when Santa brought my daughters the Wii game control box.

It’s about News, Sports, Business and Hollywood Gossip.

How you’ll know we’re here: Most forms of credit become virtually nonexistent.

Until then, I need to recoup some of my losses to my son so I’ll have to sharpen up on my chipping and putting…Gotta go.

She reports that a Doctor from New York must pay Child support for a son that was born from sperm he donated to a Lesbian resident and her female friend some 18 years earlier.

Oh what fun our family has enjoyed since then.