by HARM follow (0)
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I don't think the bubble implosion will be good for working class people. It is definitely good for people with valuable skills and those who are more employable than others.
It's just that too many Americans are becoming not that employable in the last decade. They either get into paper pushing, email cc:ing, powerpoint reshuffling or welfare. I am not sure if this country has that many skilled labor that can weather the recession so easily, particularly given that they are so in debt, so anything that makes debt more expensive is generally against their interest.
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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