Here, we seem — according to the Big Media spew of crap — to worry about credit and growing unemployment.
Me, I worry about a failure of the government to prop up the housing market or at least slow or stop the free fall. I worry about the great harm done to the middle class, the culmination of at least a generation of GOP anti-middle class policies.
I mean, our economy is first and foremost a consumer society. If the consumer is beaten, who cares if a major bank or two fails, or if the commercial credit market is frozen. I mean, other than the pols, ’cause, you know, it’s not the middle class who are the big contributors whose tunes the pols dance to.
All that are problems, to be sure.
But we’re also a long-term debtor nation, relying on Japan and China mostly to send back the money in investments, maybe most importantly T-bills.
So what happens when, say, China, can’t afford to keep buying American? What happens when the Global Economic Meltdown starts hitting China?