Obama 2009 Economic Depression Just Beginning: Happy New Year.

But 1400 billion is not enough....infact the news is The Meltdown Is Just Beginning.

Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.

Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.

That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies' credit.

"We're probably in the first inning of the commercial mortgage problem," said Scott Tross, a real estate lawyer with Herrick Feinstein in New Jersey.

That's bad news for more than just property owners. When businesses go dark, employees lose jobs. Towns lose tax revenue. School budgets and social services feel the pinch.

Companies have survived plenty of downturns, but economists see this one playing out like never before. In the past, when businesses hit rough patches, owners negotiated with banks or refinanced their loans

http://news.yahoo.com/s/ap/20081128/ap_on_bi_ge/meltdown_coming_soon..

One hope was that the U.S. would use some of the $700 billion financial bailout to buy shaky investments from banks and insurance companies. That was the original plan. But Treasury Secretary Henry Paulson has issued a stunning turnabout, saying the U.S. no longer planned to buy troubled securities. For those watching the wave of commercial defaults about to crest, the announcement was poorly received.

"He's created havoc in the marketplace by changing the rules," Rosen said. "It was the stupidest statement on Earth."

The Securities and Exchange Commission is considering another option that might ease the crisis, one that would change accounting rules so banks don't have to declare huge losses whenever the market declines.

But the only surefire remedy is for the economy to stabilize, for businesses to start expanding and for investors to trust the market again. Until then, Tross said, "There's going to be a lot of pain going forward."

This will be The Great Depression Part II. .. What really makes this a dead beat event is that they knew this all along. Its been a stack of lies back to Reagan with his over 2,000 bank closures..the most bank closures than any sitting President....yet it was the Reagan Revolution....

Barack is going to bring the Promised Land..?  He is following the same Clinton Crew that would have been behind Hilllary if she was the President... The only difference is they have Paul Volcker leading the Economic Advisors...My question is if he is the magic bullet, where in the tar nation has he been the past 8 years? Where was he in telling Bill Clinton not to support the repeal of the Glass Seagull Provision that assured America would not fall into a Depression, as it did in the 1930's. Instead he was the guy giving Ron Reagan all his advice that gave us the over 2,000 bank closures in US history. Paul Volker was chairman of the Federal Reserve Board in the l980s during the Reagan era. He played a central role in implementing the first stage of financial deregulation, which was conducive to mass bankruptcies, mergers and acquisitions, leading up to the 1987 financial crisis.

http://my.nowpublic.com/world/history-united-states-bank-failures...

Hey but we know one of the main reason people are not going to support the Stock Market..is .knowing that terrorists get their money from it. Enron was one of those predators who lied their way across the boards. Sanford I Weills the guy who put together Citigroup had his hands all over WorldCom and Enron as they both imploded.....to the point that they needed to devise 911 to mass murder thousands of Americans in order to wage a fake war with the idea it will bring Americans together to save their skin from all the lies they have been spewing across the heartland of America and its Fundamentalist Financial Christians.

But first they needed to ransack and dupe people with threats of Anthrax to pass the 700 billion Big Banks Bailout....Yep the money is going to Citigroup and Travellers that Sanford I.Weills created....the very guys who had all the information to why they needed CIA Poppy Bush to begin putting together a terrorists attack on the USA while the USA was having exercises to prevent such an occurance.. Just mix the stuff up and plant the charges and no one will know or believe the difference. The Fench CIA knows all about the crap the USA did in using binLadin as their patsy guy.... And we wonder why the French did not support the Coalition....They knew, and they knew, and they knew.

Now they are trying to save the house of cards by using superglue on the edges...But the wind will just smack and scatter it away like debris from the falling towers did on September 11th.

http://my.nowpublic.com/world/us-20b-fed-bailout-sanford-i-weills-citigroup-enron-smoking-gun-911

Volker is another way of playing Polker and Obama in my opinion needs to stear clear of him and base our monetary system on Energy. I am a firm believer of Geothermal Energy.

As I mentioned in an earlier article this plan is the answer.....

http://my.nowpublic.com/world/geothermal-electric-makes-good-mortgages

I have a dream that one day on the red hills of Georgia the sons of former slaves and the sons of former slave owners will be able to sit down together at a table of brotherhood."

Mean while Obama and Panetta support torture, and the murder of innocent people.

http://www.wsws.org/articles/2009/may2009/pers-m20.shtml..

Rev. King and Rev. Jermano