Calculated Risk: "There seems to be sentiment developing that the U.S. has weathered the worst of the current cyclical economic storm and blue skies are ahead. We disagree. Any blue skies you see are likely to be short lived. The economy is in the relative calm of the eye of the business-cycle hurricane. The mortgage credit problems are not over. And credit problems in other sectors are just beginning as the housing recession spreads to the rest of the economy."
I have been somewhat obsessed with financial news the past couple of years. As a result I regularly read Businessweek, Financial Times, WSJ, NYTimes, Economist (although I really hate them) etc. I also read several economic blogs, several who are very good at taking hard to understand finance talk and break it down into understandable scenarios.
And I am officially terrified of the coming storm.
I wish I had more money in the bank. I wish I believed that what I do for a job was actually useful and necessary and thus harder to layoff. I wish I knew how to grow food or even cook from ingredients, because I think this is a new era. I suspected that they screwed the pooch.
Now I think I begin to grasp the sheer amount of money that was lost and understand that a lot of that money was people's retirement, government's savings and generally speaking the bedrock of the world financial system as we don't understand it, and it's gone. It's really, really gone. Never to return.
And people get angry when their money is gone and government's sure as fuck get angry when their money is gone and just for fun we have had an asshole of president who has been handing out the treasury to his cronies for eight years and he will get to waltz off into the Texas sunset while we idiots think hiring Barack Obama will matter. It won't matter, because they stole the country and a lot of the rest of the world's money and they and us are going to be pissed and there may not be a way out of this. Just saying.