Wednesday, December 29, 2010

Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? « naked capitalism

In the 1930's, the federal government wasn't on the leading vertical edge of accelerating deficit spending. If the declining housing market is the signal of a double dip recession, there isn't much anyone can do about it, and Bernanke can take his academic credentials and go packing with the rest of Washington, DC.

As long as basic needs are being met, the distribution of wealth can continue to stratify, and the wealth gap continue to grow. It's when basic needs aren't met that people will revolt.

There won't be any Great Society legislation that will appease the masses this time around, because the feds won't have any means at their disposal with which to provide it. Thus a restructuring of society will be necessary, or a police state. We didn't choose one in the sixties, and I don't see us choosing one this time around, God willing.

God bless and happy household holidays!

Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? « naked capitalism

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