Here's something I was reading yesterday that I found interesting. It was from Robert Reich's (former U.S. Secretary of Labor) blog:

"A managing partner of a large Wall Street financial house told me a few days ago the scenario could get much worse. He gave a 20 percent chance of a depression."

So we're going to go through weeks of posturing about stimulus packages of one sort or another, and then see enacted the big fat bonanza of a temporary tax break that will likely have little effect. That, perhaps along with a few more rate cuts by the Fed. The presidential candidates will be asked what should be done about the worsening economy, and they'll give vague answers. None will likely admit the truth: We're going to need the rest of the world to bail us out."

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The whole topic of financial catastrophe is very interesting to me.  From the recent posts here, others share my view.  Unfortunately, forecasting the problem (ie. the "What if? scenarios) is very difficult to do.

I was reading Value Investing News and came across this 90 minute video, called "Maxed Out":

http://www.noisefreeinvesting.com/blog/?p=167

(NOTE: A full-screen version of that same movie can be found here: http://video.google.com/googleplayer.swf?docId=-4840432044369494646&hl=en )

Then, I had to do some research to find the name of the Harvard Law professor that was in that movie and found out it was Elizabeth Warren. She's also interviewed here:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/interviews/warren.html

What I'm trying to figure out is to what extent is it effective/efficient for financials to keep doing what they're doing.  This credit card thing is a legalized form of slavery.

The "Maxed Out" video and the other interview was an eye-opener for what is going on in America.

- Vooch

P.S. Here's another interview with Elizabeth Warren:
http://globetrotter.berkeley.edu/people7/Warren/warren-con3.html