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Notes:
Story uses lots of graphs and charts to reinforce its point that the bubbles upon which Americans based their lives have burst, leaving everyone stuck with the residue pieces of debris. Implicit throughout the article is an undercurrent of legacy costs–the current hot-lash phrase to describe one of the evils of corporate behavior.
Notes:
This in depth, but readable, analysis tells Americans that they've been living in a fairyland; "what they thought was a stable net worth (home equity and an equity portfolio) was no such thing, and that such obligations as pensions and life and health insurance are far less secure than they thought." And what is true of householders is doubly so for businesses and pension funds, with a "collapse of consumer spending, which leads to a rise in unemployment, which in turn erodes the ... More »
Comment:
Few dare to say what is becoming obvious, that corporate capitalism is rotten to the core, and a very different set of economic principles must evolve.
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Derek submitted this story.
Notes:
This author neatly explains the situation we are now experiencing, wherein the basis of many American's "wealth" has been exposed as a chimera and then disappeared. He expresses faith in the Obama presidency to bring on real reform in our culture. The future has yet to be written. Let us learn from the past.
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| Topics | Business, U.S., World | U.S. Economy, Global Economy, Cars, Finance |
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Editorial
| Submitted by | Submitted by Derek Hawkins - Nov 21, 2008 - 7:29 AM PST |
| Reviewed by | Derek Hawkins (review), Gary Clark (review), Rebecca Hale (review), Jack Dinkmeyer (review) |
| Edited by | Derek Hawkins - Nov 21, 2008 - 7:29 AM PST |
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Comments
Jack Dinkmeyer wrote:
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What this and other legacy cost articles conveniently ignore is that pensions and healthcare once comprised part of wage packages: “You don’t get more money because you’re also getting a pension and healthcare,” was the philosophy. That was before unrealistically astronomical healthcare costs and free-market-follies deregulation rendered these wage components the quintessence of evils.
Gary Clark wrote:
(See Full Review)
Few dare to say what is becoming obvious, that corporate capitalism is rotten to the core, and a very different set of economic principles must evolve.
Rebecca Hale wrote:
(See Full Review)
Personally I am sure many of us have long recognized that homeprices cannot keep doubling, while wages stay stagnant or jobs simply dry up for many workers. Even with highly compensated elites pickng up multiple residences, that will not keep up the inflated price of homes. I don't think a civilization should speculate and skew prices of necessities like housing, energy, heat and food. If "fatcats" want to play and bet, let them choose non-essentials for their gaming pasttimes.