Trillion dollar tax cuts for the super-rich, cheap mortgage loans based on eternally-rising home prices and the failure of oversight amid bundling bad mortgages into "securities" portend a serious recession for the US. Five million homes are "for sale" and ten million jobs are threatened over the next ten years.

1) Central Banks are reducing their holdings in US government bonds. According to a statistic of the US Federal Reserve, foreign central banks and governments sold US government bonds in August 2007 in the greatest divestment since the Fed began publishing its data.
2) After suffering losses in July and August, private investors are massively diversifying. Private investors account for two-thirds of foreign investment capital.
3) According to Ravi Batra (www.ravibatra.com), Saudi Arabia is moving from the dollar to the Riad. Professor Batra is author of "The Greenspan Fraud."
4) The speculative casino economy impacts the real economy, other economic sectors and other countries. European central banks injected over 200 billion euro in August to avert a collapse. That amounts to four times the annual economic aid to developing countries.

Listen to Thom Hartmann interview Alan Greenspan on Monday, Sept 24 at 12 PM on Air America. Call in and ask why there was no oversight, whether speculation has criminal penalties and whether speculators or victims will be protected.

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