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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.
"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
Many 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:
Directives...
D213 - Riches, Part 1 PDF
D214 - Riches, Part 2 PDF
D307 - Monetary crash PDF
Articles...
Credit crisis and stock markets:
European, Asian markets plunge
http://www.tldm.org/News11/EuropeanAsianMarketsPlunge.htmSubprime Nation
http://www.tldm.org/News11/SubprimeNation.htmLeading lender H&R Block likens US credit crisis to Great Depression
http://www.tldm.org/News11/H&RBlockLikensCrisisToDepression.htmFed faces gigantic insolvency time bomb
http://www.tldm.org/News11/FedFacesInsolvencyTimeBomb.htmGlobal money markets tighten on cash shortages
http://www.tldm.org/News11/GlobalMoneyMarketsTighten.htmDollar collapse, stock market sell-off looms
http://www.tldm.org/News11/StockMarketSell-offLooms.htmNo 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.htmWorld stock markets spiral lower
http://www.tldm.org/News11/WorldStockMarketsSpiral.htmFed OD’s on liquidity but risks depression
http://www.tldm.org/News11/FedRisksDepression.htmU.S. Comptroller General: Learn from the fall of Rome
http://www.tldm.org/News11/ComptrollerGeneralFallOfRome.htmPerfect storm of debt rattles Wall Street
http://www.tldm.org/News11/PerfectStormOfDebt.htmAsian stocks tumble the most in five months on credit concern
http://www.tldm.org/News11/AsianStocksTumble.htmSubprime panic points to taxpayer bailout
http://www.tldm.org/News11/SubprimePanicTaxpayerBailout.htmFed cowardice invites catastrophe
http://www.tldm.org/News11/FedCowardiceInvitesCatastrophe.htmForeign money props U.S. economy
http://www.tldm.org/News11/ForeignMoneyPropsUSEconomy.htmU.S. Treasury Secretary Henry Paulson: Coming financial crash shows need for immediate monetary reform
http://www.tldm.org/News11/PaulsonComingFinancialCrash.htmSlow demise of the mighty greenback
http://www.tldm.org/News11/DemiseOfMightyGreenback.htmCredit spree could cause 1930s-style depression
http://www.tldm.org/News11/CreditSpreeCouldCauseDepression.htmGloom gathers over U.S. economy
http://www.tldm.org/News10/GloomGathersUSEconomy.htmIt’s official: The crash of the U.S. economy has begun
http://www.tldm.org/News10/CrashOfUSEconomyHasBegun.htmThe plan to destroy America - via the dollar
http://www.tldm.org/News9/PlanToDestroyAmericaViaDollar.htmOil producers shun the dollar; Russia and Opec shift revenues into euros, yen and sterling
http://www.tldm.org/News9/OilProducersShunDollar.htmU.S. Comptroller General warns the nation of economic calamity
http://www.tldm.org/news9/MonetaryCrashComptrollerGeneral.htmCentral banks caught in gold squeeze may crush dollar
http://www.tldm.org/News9/goldSqueezeMayCrushDollar.htmForeclosures:
Roach: ‘U.S. homes should fall 30 percent’
http://www.tldm.org/News11/RoachUSHomesShouldFall30Percent.htmForeclosure filings surge 68 percent
http://www.tldm.org/News11/ForeclosureFilingsSurge.htmAugust 2007 report: 11 states have triple digit increases in foreclosures
http://www.tldm.org/News11/TripleDigitIncreasesInForeclosures.htmNew mortgage foreclosures set record
http://www.tldm.org/News11/MortgageForeclosuresSetRecord.htmShiller: U.S. housing woes could spur world slump
http://www.tldm.org/News11/HousingWoesCouldSpurWorldSlump.htmCredit crunch hits the consumer — foreclosures double
http://www.tldm.org/News11/ForeclosuresDouble.htmThe 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.eceVideo: 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=SWksEJQEYVUWall 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.htmlWorld markets rattled amid Dow Jones crash, ABC News Australia, August 10, 2007
http://abc.net.au/news/stories/2007/08/10/2001292.htm?section=businessRisky 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.htmU.S. dollar facing imminent collapse? WorldNetDaily, December 10, 2006
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53311USA 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
The sin of omission... "The sin of omission shall condemn many to hell, be they layman or Hierarchy. I repeat: not the sin of commission, but the sin of omission will commit many to hell." Our Lady of the Roses, October 6, 1980
We encourage everyone to print or email copies of this web page to all the Bishops and all the clergy. Also, email or send this web page to the news media and as many people as possible.
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