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Beware of the "Careful What You Wish For" crowd - The Bubble's implosion is good for working class people
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2008 Mar 7, 2:36am 14,040 views 150 comments
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The machine is overwhelming to me. For example, American workers have turned into service industry workers...while jobs have been off-shored, outsourced overseas. High paid professionals coming to the US on work visas (then become greencard holders) and these are engineers and doctors. The thing that frustrates me is that in their respective countries their education was free. I work in a hospital and I see this upclose with the ratio of Drs coming from India, vs. American citizens --for the same position. Then they come to the US and they get the high paying job, (200K-400K annual) while we are paying more and more to try and get a college education. Not to mention that our young men are then sent off to fight in wars either for our own defense or the defense of some other country. It seems the "system" is designed to bring Americans down.
Is this the fault of the American worker? How many more would plan and go to college if it were "free."
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Lately, The Gloom-n-Doom here seems a bit thicker than normal, even for a grizzly bear such as myself.
Yes, pain from the HB implosion & MEW withdrawal is spreading well beyond REIC circles –as predicted here on this blog 3 years ago. No, the Insolvency Crisis is not *contained* (except to planet Earth) and it’s starting to unwind at an impressively accelerating rate. Hearing about mass layoffs, unemployment, dropping equity, and watching the DOW plunge is a little depressing, even scary, yes. But, let’s also keep a little perspective: It’s not the End of the World as We Know It. It’s not even unexpected.
One of the FUD tactics the pro-Bailout crowd is trying to use (Cramer, Tan-man, etc.) is “Be Careful What You Wish For!â€. They want us to think that if they and their buddies incur any serious losses, it’s Financial Armaggeddon for Everyone and will plunge us into a new Great Depression. There will be pain, yes. But, is the macroeconomic danger already so great that we *have to* socialize all losses right now, before we even know how bad it might get? Is a Mad Max future really inevitable, just because some well-connected banksters and hedgies blow up (due to their own reckless actions)?
To me, this is really just another way for them to try to convince us and CON-gress that we need to share the bill for their recklessness and greed. Let’s not succumb to it so easily.
HARM
#bubbles