By Robert Morley
Unemployment benefits have been extended for two years in many places. Real unemployment is near 20 percent. There is a second massive wave of residential mortgage resets heading America’s way. Home foreclosures are set to soar again. State and municipal pension plans are catastrophically underfunded. Collapsing commercial real estate is beginning to hammer America’s small and midsized banks. Round two of America’s spectacular banking collapse is looming. Moody’s and other debt-rating agencies have already warned that America is on the road to losing its AAA credit rating.