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U.S. News & World Report editor-in-chief tells 'McLaughlin Group' viewers credit freeze is a problem 'nobody knows how to deal with.'

Zuckerman compares current 'financial crunch' to Great Depression...

“… the disaster back in the 1920's, My children, was as nothing compared to what will happen now. I talk of a great depression coming upon mankind." - Jesus, October 1, 1988

Business and Media Institute reported on January 21, 2008:

Repeated predictions and threats of recession weren’t enough for one prominent magazine editor who claimed things are even worse than that by bringing up the Great Depression.

According to U.S. News &World Report Editor-in-Chief Mort Zuckerman, the United States faces a credit crunch of epic proportions.

“[I] think we are facing the worst financial crunch and crisis since the Great Depression,” Zuckerman said on the January 20 “The McLaughlin Group.”

“You have the entire banking system now that is virtually frozen. And there are, not just this subprime mortgage thing, there are other things called credit default swaps where they will lose as much money, $250 billion on. The banks are frozen. They are not making loans because they have such huge debts that they have to take on to their balance sheets and nobody knows how to deal with that,” he continued.

While the financial sector is seeing problems with tightened credit, Zuckerman’s reference to the Great Depression could lead viewers to think that the economy is heading toward a depression.

The U.S. economy overall does not appear to be headed for another Great Depression. For the last two quarters, gross domestic produce (GDP) has grown at a rate of 3.8 percent in the second quarter of 2007 and 4.9 percent in the third quarter. Fourth-quarter GDP numbers for 2007 will not be released until March. Unemployment in the U.S. is also relatively low at 5 percent.

Lita Epstein, author of “The Complete Idiot’s Guide to the Federal Reserve,” explained how the free flow of credit in the 1920s led to the Great Depression – creating a stock bubble.

“All this reminds me of the roaring 20s when credit was freely available for stock speculation,” Epstein wrote on BloggingStocks.com on January 18. “It was this easy credit mentality that inflated the stock bubble of the 1920s and ultimately led to the stock crash of 1929 and the Great Depression.”

However, it isn’t a “stock bubble” economists are blaming for this credit freeze this time – a very important distinction when evoking the memory of the Great Depression.

There are credible experts who believe we’re not destined for a recession this year, much less a depression.

Recent reports in The Wall Street Journal and Bloomberg said economists think the likelihood of a recession in 2008 is less than 50 percent. The Wall Street Journal reported economists thought the economy had a 42-percent chance of experiencing a recession, and the Bloomberg survey of economists put the likelihood of a recession at only 40 percent.

Even the somewhat gloomy forecast from Goldman Sachs (NYSE:GS), a Wall Street investment bank that has avoided the worst of the subprime mortgage losses, said on January 9 the recession they are predicting would be brief – certainly a far cry from a depression.

“One silver lining is that the recession is likely to be relatively mild by historical standards, with a cumulative contraction in real gross domestic product of only about 0.5%,” said a Dow Jones report about Goldman Sach’s prediction. “And the economy will eventually walk out of the recession and gradually recover in the course of 2009.”

Despite that, strong bearish opinions on the economy as well as parallels to the Great Depression have been cropping up recently in media reports including a January 16 “CBS Evening News” story. That night CBS correspondent Anthony Mason compared problems in the financial sector to banking problems around the Great Depression.

These references have been cropping up for years. Back in 2006, ABC, CBS and NBC referenced the Great Depression or recession 49 times, even with strong economic signs that included 1.36 million new jobs and a 12,000 Dow record.
 


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"My child and My children, the days will grow darker, and there will be hunger in your land. Yes, My child, what I brought you here for this evening is to tell the world that there will be a crash in the monetary doings of your government—an absolute crash that will affect every man, woman, and child in the United States and Canada, and then, like a serpent, creep all over Europe, until the world sees one big, massive depression. I can illustrate to you, My children, what I mean by this monetary depression.
    "Should you go and wish to buy a small instrument, even a guitar, that We hear plucking away at the dervishly, and devilry, of what is called the musical Mass, strung by guitars, and other creations of satan. My child, I go on to tell you, you will say that the guitar is not a costly item, but in order to buy this guitar you will carry an actual satchel, an overnight bag-size, My child—let Us put it that way clearly—of notes, your currency. It will take a whole suitcase of paper—paper money that no longer has a value. You will soon be reduced to bartering for your food.
     "My child, I know you are affrighted at this word 'war'; 'death', 'turmoil', 'depression', but what can I do but tell you the truth. I cannot smooth over it, for I would be accepted like those upon earth who like ostriches, they walk about, proud in their scientific knowledge." - Our Lady of the Roses, September 7, 1985

The awesome Bayside Prophecies...  http://www.tldm.org/Bayside/default.htm  
These prophecies came from Jesus, Mary, and the saints to Veronica Lueken at Bayside, NY, from 1968 to 1995:

A godless nation shall fall! . . .
"Without My Son you are lost. A godless nation shall fall. A nation that has been eaten away and rotted by sin shall fall. A nation that has turned itself back and regressed to a state of animal living bordering on all sins of the flesh and impurity; given over to all manner of seeking things of the world; power, lust, envy, hate, murders, abortions, worship of false idols; loving money, power, and lacking the instinct of survival when survival can only be reached by pleading from them to the merciful heart of the Eternal Father." - Our Lady, June 13, 1981

A great money disaster . . .
"My child and My children, pray a constant vigilance of prayer.  Keep this going throughout the United States and all of the nations of the world, for there is little time left. Soon, in the plans of the Eternal Father, He shall set forth and allow to come upon mankind, a great money disaster.  In this way it will prove to you that the disaster back in the 1920's, My children, was as nothing compared to what will happen now.  I talk of a great depression coming upon mankind." - Jesus, October 1, 1988

Destruction of the world monetary systems . . .
"You will understand and broadcast the message to the world that there will be a great destruction in the monetary systems of the world.  It will affect both the United States and Canada, and all the great powers of the world. And I repeat again:  You will go to your stores to do your shopping carrying papers which may as well be newspapers, for the value they will have to purchase even food will be nil.
    "How can a great country like the United States fall, you say, My child?  You ask Me in your heart. I read your heart.  I will tell you why. Because they have given themselves over to satan.  When a country has lost its morality and seeks the pleasures of the flesh, giving over, themselves over, to all manner of abominations, like homosexuality, and condoning this up the highest courts of the land, then that country shall fall." - Our Lady, November 1, 1985

Gathering of the world's money to control the masses . . .
"Man shall not create a new world as he seeks.  For there cannot be a lasting world without His God.  And I speak not of the false idols and gods that man creates in his human nature!  There is only one Creator.
    "You who cast aside this knowledge and choose to set yourselves up by power and the gathering of the world's money to control the masses, you will find that all of your power and all of your volumes of gold and silver cannot hold back the heavens as they descend upon you in a just chastisement.  The world, the earth shall tremble, fear shall come upon mankind as he watches the approach of the destruction that he himself has chosen to set loose." - Jesus, February 10, 1978

Evil force like an octopus . . .
"There is a great evil force now enshrouding your world; it is like an octopus reaching out in every direction to ensnare the world.  It is a force of evil set up by satan.  There are many arms of the octopus controlled by the monies of the world.
    "For the love of money and riches, many will sell their souls to get to the head. O My children, what do you gain if you gather all of the riches of the world and destroy your soul. When you come over the veil, and you will come over the veil, what will you bring with you - nothing of the material.  You must gather your riches in Heaven now.  They are supernatural: the graces, the merits that will allow you to enter into the Kingdom of
your God." - Our Lady, June 24, 1976

The Illuminati . . .
"There is a group in the United States and the world, a group that started many years ago, calling itself the Illuminati, coming from the word 'light bearer'. Naturally, My children, this light that they bear stands for Lucifer, and as such they have gone through the world secretly known as Luciferians.  They have brought into your country, the United States, and your neighbor Canada, a group of witchcraft practices.  Well have they laid their plan to destroy your children with drugs, using your school systems, your medias of communication, your newspapers, your televisions, your radios: every means of communication has been infiltrated by the member and sub-members of the Illuminati, a conglomeration of individuals and powers and principalities throughout the world, and banking systems.  As you well know, My children, money has always been the root of all evil, and many have sold their souls to get to the head." - Our Lady, November 25, 1978

You are worshiping idols . . .

"My children, you must change your values back to the plan of your God. As a nation, as a country, as in many countries throughout the world, you have become paganized and immoral. My children, it is the gauge for the fall of mankind: immorality and paganism. No nation shall stand without its God, the God in Heaven.
     "Man is creating many new gods, gods to feed his human nature; and it is a basic carnal nature. Idolaters abound. When you worship in abundance things, My children, you are worshiping idols! If you spend your time gathering things, money, power, you are worshiping idols. Remove yourself from these worldly pursuits.
     "It is a narrow road to the Kingdom of your God, Heaven. Many are called but few are chosen. The road with satan is wide. Many walk it and can never leave, because there are too few prayers said for them and by them.
     "Nothing is impossible to your God. Man shall never reach the highest pinnacle of Heaven in knowledge." - Jesus, March 18, 1978

graphicMany will sell their souls to get to the head . . .
"The road to Heaven, My children, is a narrow one; too few stay upon it.  For they are often carried away with the cares of the world, and the pleasures of the materialistic pursuits, and their gathering of money and prestige and power.  For what?  For the few short years allotted to each human upon earth.  I ask you to ask yourself: is it worth it to lose your soul?  Many will sell their souls to get to the head." - Our Lady, November 20, 1979

Gather your graces . . .
"You cannot accept two masters. One you will love, and the other you will learn to hate. And remember, My children, where your treasures are, your heart will always lie. And better that you gather your treasures in a place where there is neither rusting, nor attacks by moths, and robbers cannot take them from you. Store your treasures in Heaven, My children. Gather your graces. You must ransom your soul and the souls of your children, your households. Do not wait expecting to be repatriated at the last moment, My children. Many are coming across the veil unprepared, and, sadly, they cannot be accepted into the Kingdom." - Jesus, August 5, 1977

Store canned goods, water and blankets . . .
"My children, I caution you now, and I wish that you remember these instructions from several years ago in earth's time that I gave to you, to keep in your homes a good supply of canned good.  They have shelf value, My children, they will not spoil. But better that you keep them and they spoil than to have come upon you the great Chastisement.  It will be a ball of fire which will ignite many of the chemicals that are being stored up for the destruction of the nations.
    "My children, not only with the canned foods will you store just food, but you must also make known to your families and your friends that they had best keep blankets and water in tight containers; for there will be on the onset of the Chastisement, there will be nothing that you can buy due to contamination." - Our Lady, July 1, 1985

Read the Bayside Prophecies:
   
  September 7, 1985 message -- World monetary crash: "One massive depression" (click here)Eve of the Feast of the Nativity of Our Lady - 9/7/85

Directives...

D213 - Riches, Part 1   PDF Logo PDF
D214 - Riches, Part 2   PDF Logo PDF
D307 - Monetary crash  PDF LogoPDF 

Articles...

Credit crisis and stock markets:

European, Asian markets plunge
http://www.tldm.org/News11/EuropeanAsianMarketsPlunge.htm

Subprime Nation
http://www.tldm.org/News11/SubprimeNation.htm

Leading lender H&R Block likens US credit crisis to Great Depression
http://www.tldm.org/News11/H&RBlockLikensCrisisToDepression.htm

Fed faces gigantic insolvency time bomb
http://www.tldm.org/News11/FedFacesInsolvencyTimeBomb.htm

Global money markets tighten on cash shortages
http://www.tldm.org/News11/GlobalMoneyMarketsTighten.htm

Dollar collapse, stock market sell-off looms
http://www.tldm.org/News11/StockMarketSell-offLooms.htm

No time to sit and watch: "What we have on our hands here, folks, is a full-blown, global financial crisis"
http://www.tldm.org/News11/GlobalFinancialCrisis.htm

World stock markets spiral lower
http://www.tldm.org/News11/WorldStockMarketsSpiral.htm

Fed OD’s on liquidity but risks depression
http://www.tldm.org/News11/FedRisksDepression.htm

U.S. Comptroller General: Learn from the fall of Rome
http://www.tldm.org/News11/ComptrollerGeneralFallOfRome.htm

Perfect storm of debt rattles Wall Street
http://www.tldm.org/News11/PerfectStormOfDebt.htm

Asian stocks tumble the most in five months on credit concern
http://www.tldm.org/News11/AsianStocksTumble.htm

Subprime panic points to taxpayer bailout
http://www.tldm.org/News11/SubprimePanicTaxpayerBailout.htm

Fed cowardice invites catastrophe
http://www.tldm.org/News11/FedCowardiceInvitesCatastrophe.htm

Foreign money props U.S. economy
http://www.tldm.org/News11/ForeignMoneyPropsUSEconomy.htm

U.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
http://www.tldm.org/News11/PaulsonComingFinancialCrash.htm

Slow demise of the mighty greenback
http://www.tldm.org/News11/DemiseOfMightyGreenback.htm

Credit spree could cause 1930s-style depression
http://www.tldm.org/News11/CreditSpreeCouldCauseDepression.htm

Gloom gathers over U.S. economy
http://www.tldm.org/News10/GloomGathersUSEconomy.htm

It’s official: The crash of the U.S. economy has begun
http://www.tldm.org/News10/CrashOfUSEconomyHasBegun.htm

The plan to destroy America - via the dollar
http://www.tldm.org/News9/PlanToDestroyAmericaViaDollar.htm

Oil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
http://www.tldm.org/News9/OilProducersShunDollar.htm

U.S. Comptroller General warns the nation of economic calamity
http://www.tldm.org/news9/MonetaryCrashComptrollerGeneral.htm

Central banks caught in gold squeeze may crush dollar
http://www.tldm.org/News9/goldSqueezeMayCrushDollar.htm

Foreclosures:

Roach: ‘U.S. homes should fall 30 percent’
http://www.tldm.org/News11/RoachUSHomesShouldFall30Percent.htm

Foreclosure filings surge 68 percent
http://www.tldm.org/News11/ForeclosureFilingsSurge.htm

August 2007 report: 11 states have triple digit increases in foreclosures
http://www.tldm.org/News11/TripleDigitIncreasesInForeclosures.htm

New mortgage foreclosures set record
http://www.tldm.org/News11/MortgageForeclosuresSetRecord.htm

Shiller: U.S. housing woes could spur world slump
http://www.tldm.org/News11/HousingWoesCouldSpurWorldSlump.htm

Credit crunch hits the consumer — foreclosures double
http://www.tldm.org/News11/ForeclosuresDouble.htm

The worst isn't over in mortgage meltdown
http://www.tldm.org/News11/MortgageMeltdown.htm

Links...

Sub-prime lender says problems are on scale of Great Depression, [U.K.] Times Online, August 31, 2007
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article2358099.ece

Video: Money expert Jim Cramer of CNBC - "They're nuts, they know nothing! ... In the fixed income market, we have Armageddon"
http://www.youtube.com/watch?v=SWksEJQEYVU

Wall Street tremors, Asian markets' tsunami, Forbes.com, August 10, 2007
http://www.forbes.com/markets/2007/08/10/asian-markets-roundup-markets-equity-cx_vk_0810markets03.html

World markets rattled amid Dow Jones crash, ABC News Australia, August 10, 2007
http://abc.net.au/news/stories/2007/08/10/2001292.htm?section=business

Risky home loans run a fever, and the market prays it doesn't spread, U.S. News and World Report, July 15, 2007
http://www.usnews.com/usnews/biztech/articles/070715/23subprime.htm

U.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53311

USA Today report: Real federal deficit 3.5 trillion, Newsmax, August 3, 2006
http://www.newsmax.com/archives/articles/2006/8/3/123820.shtml?s=lh

 

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Your names have been written in Heaven… "It is not by accident that you are called by My Mother, for your names have been written in Heaven.... But with this great grace you have great responsibility to send this Message from Heaven throughout the world, for if you are able to recover just one more for Heaven, an additional star shall be placed in your crown." - Jesus, August 5, 1975

A great obligation to go forward... "It is not by accident that you are called by My Mother, for it is by merit and the prayers that have risen to Heaven for your salvation.  For those who have received the grace to hear the Message from Heaven, you have a great obligation to go forward and bring this Message to your brothers and sisters.  Do not expect a rest upon your earth, for you will have eternal rest very soon." - Jesus, June 12, 1976

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