The American economy drives the world economy (for the moment at least). The American economy is driven by consumer spending. Consumer spending is driven by the purchasing power of American citizens.
Guess what. We're broke.
American consumers have no more purchasing power. Period. We've maxed out our credit cards, mortgaged our homes, and sold our souls all in the name of capitalism. There is nothing left to bargain with.
We are no better off than we were in the 1930's. The Great Depression is just far enough out of our memory where I think we are doomed to repeat it again.
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It's a frightening thought, isn't it?
I read this as I watch news coverage of people lining up to get as much of their money out of Indy Mac banks as they can before it's all gone or frozen or whatever the asshats in charge do.
it is frightening and then I get very, very angry because all of this comes from the greed of so few to screw up the lives of so many!
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