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Sitting Ducks and self fooling!Unemployment is now about 10%, plus another 10% who weren't either working or were working for about half as much as they used to require before the bank fiasco last fall. All of these unemployed people for the most part are assuming that all that will pass soon and they haven't done much of anything to survive on theor own. Many of the employed also haven't changed their life-style much if any. Common sense tells us if we are the slightest bit interested that many more will not have jobs within the next several months. Where would they be coming from---these jobs? What is there out there that would now influence a bank to loan money? Especially when the government is making them loan as they did 25 years ago---5-10% down, payments including accruals no more than 25% of income and a secure job. Do you really think we will build more retail stores soon? Do you really think we could gear up to manufacture here again in any reasonable time---even if the products could compete? The only thing right now keeping us out of an immediate Depression is the trillions the federal government has poured into the banks and key industries. When that doesn't work long, and it won't, we will still go down the slope rapidly. People, don't buy it unless you need it and invest your money in guaranteed CDs or bonds. Spending like idiots will not help now due to such debt as already exists. Bonkers's blog | login to post comments
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