I'm going to make this statement...we are heading for another Great Depression.
Gas at $7.50 a gallon?Source
"Many commentators have wondered at the ability of Americans to grin and bear higher gas prices. But grinning and bearing it is losing any sense of fun. It's just gotten expensive: Over the first four months of 2008, as Peter Beutel of Cameron-Hanover noted this week, gasoline has cost the United States $757.24 million a day more than in the first four months of 2002.
That’s more than the estimated $720 million a day spent in Iraq."
Credit Crisis Over...not by a long shot.
"Now that money market funds have stopped buying commercial paper issued by SIVs, banking regulations require the banks to bring them onto their books, and that means they must shore up their capital base by selling new shares or shedding other assets. Every dollar that is used for this purpose is a dollar that can't be used to make loans for corporate buybacks, commercial customers or hedge funds. Without such loans, banks' earnings growth will be greatly impaired.
Worse still, the buying power of two key drivers of the last bull market -- hedge funds and corporate Treasurys -- has been crippled because the leverage they've used to reap big profits has suddenly turned against them."
Everyone, I mean everyone, will feel the sting of the current state of the World economy. Not to mention the US Dollar is valued at .634 Euro's and losing ground fast.