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The Second Great Depression?

Bill Willkomm’s Biography
07/20/2010

Bill graduated from Louisiana State University, Baton Rouge, with a Bachelor of Science Degree in 1973. But it was certainly not a college education that taught Bill about the real life financial facts that face every business and family, it was his personal business experiences over the last 4 decades.

After college, Bill began his career as a management trainee in his family’s Cadillac automobile business and immediately was exposed to the hard facts of business life with the 1973 Oil Embargo. Cadillacs quickly earned the reputation as “gas guzzlers” and sales plummeted. The sagging economy dragged lethargically on, and the end of the decade and the early ‘80s brought more energy concerns, foreign competition, 20% interest rates, and what came to be known as “stagflation” where the economy was stagnant but inflation was worsening.

New government mandates forced General Motors to create energy-saving engines which had not been adequately tested, resulting in a problem-laden product that even the factory was unable to correct for the dealerships’ irate customers. Bill’s family eventually sold the business, and Bill joined his wife in her real estate business where they expanded into building custom homes and small real estate development. Bill’s decision was based on his conclusion that at least in the building and development business he maintained control over the product whereby he could personally assume responsibility for quality control.

The Savings and Loan Crisis at the end of the eighties gave Bill invaluable insight into what irresponsible lending can do the housing market and the financial industry, as the real estate market suffered across the country and thousand of Savings and Loans were closed due to insolvency. What led to this crisis is critically similar to the financial situation today, and Bill’s experience gave him the depth of knowledge to recognize the current fraudulent nature of the Real Estate Bubble years before it was acknowledged in the financial press. Bill correctly and fervently warned the Naples City Council of the insolvency of Fannie Mae and Freddie Mac a full seven months before the public was informed by the financial media of the two giants’ pending financial demise.

Unfortunately, Bill believes the current financial situation is so grave that we could very well be facing a “Second Great Depression”. He is convinced that instead of addressing the staggering financial problems facing our country, trillions of dollars have been wasted by our Federal Government just kicking the can down the road.

Over the last several years, Bill has spent thousands of hours relentlessly pursuing the truth that is simply not being told by the financial media. Knowledge is power and Bill hopes to supply you with information and analysis that can possibly help readers make more informed decisions about their financial futures.

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