Horrifying! GDP is already worse than during GD1. Foreclosures are the worst on record. Unemployment in areas of CA is the worst on record and credit card defaults are just starting to go parabolic.
Our biggest banks are insolvent by any reasonable standards and if not for allowing them to lie about the value of the assets they hold we would be seeing bank failures on par with GD1. 100 year old manufacturing giants, symbols of America are going BK.
