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Letter to the Neighborhood

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[Cross-posted here]

Dear Neighbor,

I imagine that your 401(k), your house value, and your portfolio are all getting hammered.

Mine are too.

I imagine that you are furious at the government and banks for getting us into this mess.

I am also.

But the question is: what can we do about it?

To Be Able to Guess at Where We're Going, We Have to Understand Where We Are

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As we all know, before we can figure out where we're going - let alone what we can do about it - we have to have an accurate picture of where we are now.

That makes sense, right?

Well, everyone knows that the economy is lousy right now. But (you may want to pour yourself a cup of coffee - or a drink - before you finish this letter) what you may or may not know is that we are already in a depression, according to:

  • And many other experts

Moreover (I told you you might need a stiff drink), many top experts, including the following people, predict that this may actually be worse than the Great Depression:

  • And many others
By the way, if you think that these folks are being overly pessimistic, and that economists will turn the crisis around, you might want to note that most economists have no idea how we got in this crisis, or how to get out of it (http://georgewashington2.blogspot.com/2009/03/economics-profession-bears-some.html)

That Sucks . . . But What Does It Mean?

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Okay, time for a stronger cup of coffee or a stronger drink . . .

Investor George Soros not only said that the current crisis was worse than the Depression, he also said that this is more like the break up of the Soviet Union (http://www.reuters.com/article/newsOne/idUSTRE51K0A920090221?sp=true).

What's he talking about?

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George Washington


As a political activist for decades, I have rejoiced in victories for the people and mourned in defeats. I chose the pen name "George Washington" because - as Washington's biographies show - he wasn't a (more...)
 

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