Great Depression 2.0?

Unemployment is at a 16 year high, manufacturing at a 60 year low. Foreclosures are up 81%, and our economic crisis is getting worse.

When americans lose their jobs they cannot pay for houses, this in turn causes banks to fail and property prices to fall. As property prices fall the banks are loaded with worthless properties that they cannot sell. It is a perfect storm.

This was cause by offshoring and outsourcing work to countries like China and India. All those factories that move to China and businesses that send programming jobs to India now find that the US is falling apart.