I was just checking out economy.com, as I tend to do, and found they have a dedicated recession watch now for USA. I was just reading up on some news over the past day and the figures have been released on the state of mortgages within the US. Figures not unheard off since the great depression, 1 in 8 mortgage holders now owe more money on their mortgage than their property is worth. That is a massive statistic. This equates to nearly 9 million Americans owe more than they own on their mortgage, basically their property is useless in value due to decreasing property rates, personal debt increases and interest rate increases.

You just don't even want to see the personal debt from credit cards.... oh my goodness.... Someone was just saying the other day here somewhere, how they believed the economy was not that bad at all... yet recession watch says very differently.

On a side note, let me just say Australia will be heading towards recession with this stupid Labour Government in control with an inability to manage inflation correctly. They make some seriously stupid decisions time and time again with the economy.... I didn't vote for the spanners, the Y-Generation did, being never worked under a Labour Government, they will learn by the end of their reign once unemployment rises. For those not Australian, the Labour Government is a reactive Government, not a proactive Government like the Coalition party.