"By the time we are finished with this tragic period in U.S. economic history, capitalism will be on its knees, laid low by poor policy decisions and the nationalization of bad assets." - Joshua Rosner - Financial Times
"Throughout the 12 months of the crisis, it is difficult to avoid the impression that the Fed is too close to the financial markets and leading financial institutions, and too responsive to their special pleadings, to make the right decisions for the economy as a whole." - Wilhelm Buiter, a former member of the Bank of England's monetary policy committee.
I guess the silver lining is any day now we will start seeing local, and eventually state, governments, file for bankruptcy protection. When you rely on tax revenue from real estate transactions, profitability of financial institutions, builders, developers and the like, and then that profit dries up . . . what happens to your tax revenue? when your tax revenue disappears what choice do you have other than to cut expenses (the public won't mind) or raise taxes (oh that's ok we are all so well off right now that we can afford to pick up the slack!)
write this down - Today, September 2, 2008 things are better financially for 95% of Americans than they will be at any point over the next 20+ years. 19 out of every 20 people you know will suffer more and more financially over the upcoming months and years. What will happen to their mental and physical health as they go through this? How about their family and spiritual well being?
