Economic debacle

Personal debt has reached astronomic proportions, and the next crisis is going to be over credit card defaults and the sleazy behavior of unregulated credit card companies.   ( As a matter of interest UK personal debt , even higher than in the US, currently amounts to £1,400, 000,000,000 and all of it is now costlier to pay off.Who cares?  Well, Western economies are all interconnected and it look as if they could take each other down.  The so-called stimulus package does nothing to address the long-term insecurities felt by millions of middle class people, insecurities that are well justified.  The financial system is out of control and pre-industrial ideology dictates that the government should do as little as possible.  Watch the libertarians, who so much loath government, yelp when they start losing their jobs, have to downsize their houses and trade in their cars.   Never mind, they will quickly forget who caused the mayhem be able to blame President Hillary Clinton.

 Ah, the greed and lack of common sense!  Epicurus would shake his head in disbelief.


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