In the 1920s, conservative tax policies heavily favored the rich and drove income disparity to the point that the middle class was ultimately unable to spend. Have we just done it all over again?

Thanks. I think that praying this gets fixed fast is one thing that unites us all.

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by Jim in a Nautilus COAT on January 17th, 2009

Agreed.
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I am glad that Obama got in but I am not keeping my hopes up and if the decline continues, I am outta here. I do not have any wiggle room economically and am too old for this.

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by Arisztid on January 17th, 2009

If we tank, the world will tank with us. It will be a world-wide economic collapse the likes of the Great Depression. That's why central banks all over the globe are intervening now to prevent a cataclysmic collapse of financial markets.

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by Jim in a Nautilus COAT on January 18th, 2009

I do not mean "outta here" as in moving.

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by Arisztid on January 18th, 2009

Oh, don't do that. We will need the wisdom of guys like you if the bottom falls out.

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by Jim in a Nautilus COAT on January 18th, 2009

If you are right in being optimistic and the economy does not tank, nothing to worry about. :)

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by Arisztid on January 18th, 2009

The world is tanking as well.

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by Keysha on January 18th, 2009

You say look around. I have. Middle class income, adjusted for inflation, dropped $2,000 over the past 8 years. Wealth disparity is back to EXACTLY where in got in 1929. The wealthiest 1% of Americans again hold 50% of the nation's total wealth. The richest 0.1% earn as much as the bottom 50% of the population.
 
I agree things aren;t as bad as they got in the Great Depression. Hopefully we can turn course before we get there. But going the way we were going, that is exactly where we were headed -- AGAIN.

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by Jim in a Nautilus COAT on January 17th, 2009

How many of those "middle class" people are buying those things on credit, with car payments and mortgages that are far too large for their income levels? What you describe is people foolishly living beyond their means, not people doing well.

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by MrJosh on January 17th, 2009

Exactly. The phony mortgage bubble is what produced all that apparent middle-class affluence. Now that the bubble has predictably burst, we're rapidly sliding toward economic Armageddon.

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by Jim in a Nautilus COAT on January 17th, 2009

I wasn't saying people are making good decisions, merely they are not suffering that much if they are drinking 5 dollar coffees or driving new cars. I drive a 12 year old car that I own, drink my own coffee from home, and have no credit debt. I am bracing for the worst and not enough people are doing that yet it seems.

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by thekingcobra63 on January 17th, 2009

thekingcobra63: I cannot argue with your last sentence. I feel the same way.

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by MrJosh on January 17th, 2009

@ thekingcobra63: Starbucks stores are closing. Circuit city isn't selling those cellphones anymore. They are liquidating their assets and the final 4000 employees are being terminated. We are loosing a half million jobs a month. How long do you think that can keep on while you maintain your fantasy that you have to drive an old car but everyone else is living high on the hog?

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by Jim in a Nautilus COAT on January 17th, 2009

I'm not fantasizing, merely understanding we are in a bad time and people need to understand it. Obama is not going to help the situation by hammering big businesses either, merely making them close up or tighten down even more. I am very fearful of our future and trying to just do what I can to survive it. I know businesses are having issues and closing stores, etc. I just do not see any immediate help for sure, and it may be a long time, much like the depression again, before we get out of the funk.

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by thekingcobra63 on January 18th, 2009

Hey, I know. We're all feeling edgy. I am very concerned. It the new Obama Administration can't get us off life support quick, we may well be in for another 15 year period of 25% unemployment. I'm an old guy whose parents went through the Great Depression. I know what it was like. I fear that too few still understnad what we are standing on the abyss of.

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by Jim in a Nautilus COAT on January 18th, 2009

my parents grew up inthe depression as well in Pennsylvania and New Jersey. I grew up understanding what it was at least while many my age have no clue.

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by thekingcobra63 on January 19th, 2009

Very insightful. Thanks.

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by Jim in a Nautilus COAT on January 17th, 2009

Thanks.

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by Jim in a Nautilus COAT on January 17th, 2009

You are always welcome! ;)

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by Colt COAT of Justice on January 17th, 2009