Originally Posted by wahoonc

There is the "official" unemployment rate and there is the "real" unemployment rate. The government doesn't count people that have stopped looking for work and whose benefits have run out, nor do they count the under employed. Both of which are real groups. Factor in those and the "real" unemployment rate is pushing 20%.

IMHO the Euro is in deep trouble, and the US is entangled in their system. If it collapses I don't see there not being major repercussions in the US financial system. Unfortunately we don't produce a whole lot in this country anymore except a lot of bit ticket items. Something like 70% of the US economy is driven by consumerism, however those consumers don't have a whole of cash to spend at this point, they owe their souls to the banks in the form of unsecured credit. Then you have the stock market which no longer bears any resemblance to reality. Too many traders are interesting in only churning stocks to make a quick buck when they are purchased low and sold high, they do nothing in terms of productivity, but they make money, fiat money. Then you have the politicians whose only goal is to get themselves re-elected, not doing what is best for the country or there constituents.

Aaron