OpEdNews - Article: SUPER RECESSION FEARS DWARF SUPER TUESDAY

With the threat of a super recession looming ~ all three major Presidential contenders Senator Obama, Clinton and McCain will have an opportunity to soon provide an answer to this reality ~ that the Bush administration has yet to acknowledge : Allen L Roland

As Mike Whitney writes "The credit storm that began in the United States with subprime mortgages has spread to markets across the globe. In fact, the train has already crashed. What we're seeing now is the boxcars piling up on top of each other"

The Dow has already dropped below its support at 12,500, Americans are heavily in debt, banks are afraid to lend money, the Fed is helpless and the Cheney/Bush administration is completely buried in its own denial and incompetence.

The Bush administration is determined to hand its failed policy in Iraq as well as its failed economic policy to the next president so that George W Bush can avoid the hard reality of failure ~ which he has been running away from his whole life.

As such, the economy and the Recession, which is already upon us, is the most important issue for the vast majority of Americans and Senators Obama, Clinton and McCain better have some answers soon on a far reaching and inclusive stimulus plan ~ for their success at the voting booth will depend on it.

Mike Whitney, who has been right about the crumbling economy for some time, calls it a " Real Time " meltdown;

http://www.informationclearinghouse.info/article18777.htm

" The credit storm that began in the United States with subprime mortgages has spread to markets across the globe. In fact, the train has already crashed. What we're seeing now is the boxcars piling up on top of each other.

On Tuesday Chinese government officials ordered a complete halt to bank lending to slow the speculative frenzy that has created an enormous equity bubble in the stock market. According to the Wall Street Journal:

"Chinese authorities are slamming the brakes on bank lending, in their latest attempt to curb the runaway investment threatening to overheat what is soon to be the world's third-largest economy. In recent weeks, regulators have quietly ordered China's commercial banks to freeze lending through the end of the year, according to bankers in several cities. The bankers say that to comply, they are canceling loans and credit lines with businesses and individuals." ("China freezes lending to Curb Investing Frenzy" Wall Street Journal)

The move illustrates how concerned the Chinese are that a slowdown in US consumer spending will trigger a crash on the Shanghai stock market. "

Allen L Roland http://blogs.salon.com/0002255/2008/02/06.html

Freelance Online columnist Allen L Roland is available for comments , interviews and speaking engagements ( allen@allenroland.com )

Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on www.conscioustalk.net

Cartoon courtesy of Tom Toles / Washington Post