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View Diary: Morning Feature: Conspiracy Theory 103 - Conspiracies of Convenience (Plus Kossascopes) (178 comments)

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  •  The economy collapsed 20 years ago (1+ / 0-)
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    NCrissieB

    After Reagan broke the budget we've been living on borrowed money/time ever since.

    This collapse would have happened in 92 if it hadn't been for the high tech boom which managed to spread a little wealth around a bit more widely.

    The last 8 years has been entirely on credit. That's what they meant by a jobless recovery. The reason it collapsed now is because everyone is tapped the fuck out.

    The housing market collapsed because people could no longer afford their payments because none of the gains from the "recovery" were passed on to them.

    All the growth for the last 30 years has been financed through debt. We can't pay it off because we don't make anything here any more. We run trade deficites with everyone and while our trade partners have barriers to our trade we're wide the hell open.

    And it's going to be those who saw none of the gains who end up paying the bulk of the price. It's us who will see our lifestyles decline with our wages the rich will still be rich. they'll still be able to afford healthcare. We're the ones who will suffer through reduced services as the government has to cut back because they refuse to tax the wealthy and us peons will see our income continue to shrink.

    The only question I have at this point since it's obvious that our leaders have no interest in actually fixing things is whether or not they will manage to extend the illusion of solvency for another decade or will another technological innovation stave the ultimate collapse off again.

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