You have it all backwards, GfS... No, maybe you have in in-side-out... Whatever you have it it misses the cause of the current meltdown... We don't have a credit crisis... We have an income crisis... The American working class has been lost idexed purchasing power every year since 1982... The main reason for this is that Boss Hog (management) used the power of the governemnt in an activist/liberal manner to create laws and tax codes that favor the rich...

(But, Bobert, the rich create all those wonderful jobs...)

Okay, they create jobs... Wonderfull??? Not many and not any to speak of over the last 8 years in particular... It should also be pointed out that small firms with owners who aren't rich employ alot of folks, too...

But nevermind that...


What we have seen since 1982 is an erosion of investment in our own American working class... We don't make anything anymore since we shipped out all of our manufacturing equipement to Bamgldesk, Pakistan, China and India... So what do we do??? We consume... Problem is that as our spending power has gone down, down, down and Boss Hog (management) has used up alot of the tax breaks he got from Bush to ***lend*** to the working class and the working class is all ***borrowed out*** and this the housing bubble... Bad lending and bad spending....

So, bottom line is that the rich have screwed themselves while screwing the working class... The free market has not policed itself... It is like the fox guarding the hen house...

So, yeah... Call it socialism if you like but until we figure out how to stabilize the incomes of the working class this problem won't just magically disappear... This ain't a cycle... This is a dead-end... Now the US purdy much has to start from scratch and this time without the means-of-production and, quite frankly, not a citizenry who would even know how to use it...

So, yeah... There is still alot ot wealth in the country but it is going to have be used for the betterment of US all and not just the upper 5 ot 10% if we are, as a nat5ion, to survive... We are going to have to see that capital is used more responsibly... Owning 7 houses is not a responsible use of one's capital... Lending it to folks to pay for basic survival isn't a responsible use of capital...
Invetsing in overseas ventures to avoild paying taxes isn't a repsonsible use of capital... Hiding it in off-shore accounts isn't a responsible use of capital...

Face it, the rich don't give a rat's ass if they are being responsible stewarts of capital... That's is excatly where this vector of history has gotten us and now we are going to have to reshuffle... Call it socialism, if you want... Techincally, it won't be... It will just be responsible capitalism with laws and tax codes to make it so...

That's the real deal...

Bobert