Economy goes <snap>
Anybody who couldn't see the current economic crisis coming from years off has clearly had their head stuck up their hedge fund. Think about what triggered the stock market collapse of 1929 - Bankers loaned money to Investors (strike one) who in turn re-invested that money to try and gain more money (strike two), creating artificial wealth that grew and grew beyond what the economy could sustain. Then, when push came to shove and the banks wanted their money back, suddenly nobody could find it, because the money the investors made never existed in the first place (strike three - get the fuck out!) - ever hear the phrase "paper profits?"
Fast forward eighty years, and what do we have now?
Banks loaned money to investors (credit cards/ARM loans - strike one) who in turn used that credit to buy loads and loads of expensive shit to make themselves appear more wealthy (strike two), creating artificial wealth that grew and grew beyond what the economy could sustain. Then, when push came to shove and the banks wanted their money back (hey, that interest rate you had? Yeah - it just went up 20%), suddenly nobody could find it, because the money the investors (i.e. everyone who has been spending without having the slightest idea of what a budget is, not to mention self-control) made never existed in the first place (GTFO).
Does this sound familiar at all?
The way I see it, what we're experiencing is the global economy snapping back into place from being over-extended too long by people living outside their means. The unfortunate downside to this is it's going to take more than a few people, jobs, companies, and a substantial portion of the "wealth" in the world with it. Has nobody noticed how hard it is to get by as of late? Did this not occur to anyone else? Almost everyone is on the losing end of this debacle, the difference being some people have more to lose than others.
Flame because I'm sure that's what I'll get for this.
Biting the hand that feeds IT
