During the first two hours, financial analyst Mish Shedlock outlined a possible downward spiral of the economy, led by the current implosion of many subprime lenders (mortgage companies that offer risky loans). There could be up to two million home foreclosures this year, many by people who took out interest-only loans, with no money down. This will likely set off an economic slowdown and recession, he said.
Housing prices, especially in "bubble" areas such as Florida and California, could fall quite a bit, dropping down to levels they were atfive years ago, said Shedlock, who advised consumers to reduce debt and live within their means.
In the second half of the show, intuitive Sean David Morton shared his predictions on the economy and other topics. Here are some highlights:
Morton also mentioned that he's become interested in the company that manufactures Bryomixol, an alternative cancer treatment that is said to boost the immune system.
Bumper music from Wednesday March 14, 2007