Friday, May 08, 2009

A big balloon

San Jose Mercury News


NEWS breaking news

Peninsula readers' letters: May 7

From Daily News Group readers
Posted: 05/06/2009 11:03:20 PM PDT
Updated: 05/06/2009 11:03:22 PM PDT

Dear Editor: Recent figures underscore the severity of the toll on the U.S. economy. Last week, the International Monetary Fund said global banks and financial institutions have lost an estimated $4.1 trillion during the financial crisis. Of that total, $2.7 trillion in losses originated in the United States. In another report, the IMF also projected the cost to U.S. taxpayers for the Wall Street bailout and other economy spending could be far higher than government officials have claimed. IMF analysts say the taxpayer tab could come out to $1.9 trilllion over the next five years. The figure amounts to around $6,200 for every U.S. citizen, and just over 13 percent of annual gross domestic product.

A lot of the economists have formerly predicted doom, but they're not doing it now. They're all trying to be peace prophets, not prophets of doom, but of peace and safety. "When they shall cry, 'peace and safety,' then comes sudden destruction." — 1Thess.5:3. That doesn't necessarily mean just war. They've just had a destruction of the stock market, and that can lead to destruction of the economy. The thing is, the economy was just overinflated, it was just a big balloon ready to burst, and now it's got to get back down to where it belongs.

Ted Rudow III,MA

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