As a recap,
So before this great recession 08 we had the dot com recession of 01, and the great stagflation of 79-82, on top of that we had black Friday and few other years of relative recession but nothing too big as compared to the great depression.
What all of the recent recessions have had in common is that they primarily effect the middle and lower class. The Investor class or upper class have relatively gone unscathed in these throughout. Yes they have had their fair share of portfolio loss or net worth loss but we haven’t seen any rich people jumping out of windows like they did during the great depression. And that’s the key….
You see that’s the difference between a government that actually takes a hand in fixing the problems of its economy, is whether you have rich people killing themselves because they’ve lost everything. As compared to middle class and poor people losing everything and killing themselves. And this is why the wall street double dealing that lead to our 08 recession hasn’t been fixed. Why people are continually being laid off, why wall street is blocking the consumer protection advocate being nominated in DC, why the reform of the wall street was a meaningless and empty gesture and how big banksters got bonuses with government money after creating the mess.
This is why we need our current recession to become a global pandemic depression. Otherwise things will continue to fester and middle class people will continue to suffer. Granted I personally believe our economy is headed down that path anyway. I just want it to happen sooner. The faster we as Americans all get in the same boat, the faster the government can hear the cries of the rich and actually do something to fix the mess. I am sorry to burst anyone’s bubble but this is the way things are in this country.
You want things to get done? Have it effect the rich and watch the government rush to its side.
May the force be with you.