Upper crust or dead meat?
Submitted by James on Thu, 02/26/2009 - 9:31am
I cross-posted my commentary about the rich on Facebook yesterday and it caught the attention of a friend who just happens to be president of one of the world's leading information and research companies. He wrote this:
We've got the hard data you're wishing for, man. Just released. You're dead on target here. The rich cannot sit this one out. If for no other reason than unemployment is the biggest threat to domestic security these days. If you think the French Revolution was hard on the aristocracy, wait until you see what happens if global unemployment doubles from its current levels. From upper crust to dead meat. This recession is the biggest national security problem in America right now. Anyhow, the only way out of this mess is for people to spend. Even with the credit crisis fixed, if people don't spend, the economy remains crippled. And the only people who can spend enough right now are the people you're talking about.
After 9-11
They told everyone to go out and spend. Why aren't they doing the same thing now?
I don't know
but it's clear that unless those who can spend do spend, we're going down the tubes.
I know plenty of people who are in good shape and haven't really been slammed by the depression. One told me she feels guilty about having money when her friends are getting laid of. She knows in her brain that her spending will help the economy, but in her hard she can't go there.
I know it sounds harsh, but I told her that if she doesn't go there, she and the millions of people who are just like her will be responsible for extending George Bush's depression from a couple of years to a decade.
Yup.
I'm still making a decent salary, but the county manager is sending out emails talking about the budget cuts possibly necessitating layoffs, so I'm socking away money into my savings account and IRA rather than spending it.
To be honest, though, we've never really been spenders, so most of my paycheck sits in my checking account until I zap it over to savings.
Hi you!
We've missed your wonderful self around these parts lately.
Howdy!
I missed a bunch of posts when my RSS feed broke for some unknown reason, but it's fixed now. :)
Also cross posted at Kos
http://www.dailykos.com/story/2009/2/26/93157/0527/701/702064
Hey Walker.
Can you show us some numbers? Purty please?
The future of this country is at stake
Another side of payback time.