Tuesday, June 26, 2007
I Had to Chuckle...Ruefully
So, Wall Street, according to a report yesterday on NPR, is worried about the gap, make that the epic yawning chasm, between rich and poor in the U.S. I doubt they are worried in the slightest about the gap, per se, but they may well be concerned about how the rich are treated when those the rich have screwed (that would be everyone who isn't rich) behave when their painkiller of choice, aka easy credit, er, debt, is taken away. That's a concern I can well believe they have. Well, they won't have long to wait to find out how great the fury of the restless and financially ruined will be, since, in my humble opinion, TSHTF ( see fan on high, and shit on sloppy), with full force sometime later this year and into '08. The last economic collapse of renown was, of course, The Great Depression. We should all gird our loins for tumult that at least rivals the early thirties as the global mania goes supernovae. The housing market collapse here in the U.S. is, of course, far greater in its ill effects than the MSM has heretofore portrayed it, but with each passing day, (see the freshly minted Bear Stearns sup-prime mortgage hedge fund debacle), the ugly truth becomes harder and harder to gloss over. So let "The Street" appear to fret over the financial inequities that they engineered and fostered. I for one am not impressed in the slightest over what is almost certainly nothing more than empty hand wringing.