US Economy Heading for 'Perfect Storm'

Economists warn that America has no better than a 10 percent chance of avoiding economic "armageddon."
November 26, 2004, 5am PST | Michael Dudley
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A "spectacular wave of bankruptcies" is likely as consumer debt (especially for mortgages at flexible interest rates) reaches record levels -- equal to 85% of the national economy. If trends continue, consumers are going to "get pounded."

Thanks to Michael Dudley

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Published on Tuesday, November 23, 2004 in Boston Herald
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