Which could have a double meaning, of course. I'm thinking a three legged milking stool, but if you wish to think of excrement, that's appropriate also.
Wall Street has run on greed, fear, and hubris. Now, it all collapses. Yesterday, not only was I too lazy to write, but was also mesmerized by the Dow, dropping 450 points, and gold rising almost $90.
I have always thought our financial system was a house of cards, and am frankly quite surprised that it took so long to fail. And make no mistake: this is epic fail. I honestly believe that we see the beginnings of a great depression. But now, we've not the industrial base we had in 1940, so what's to pull us out? Almost anything you can name has been offshored, and now the entire country is, essentially, on the block. We have given our money to foreigners, and they can now come in and buy all, and at fire sale prices at that!
I'm not talking Rockefeller Center, here; but rather, what's left of our industrial base, and everything else. What will you do when some Kuwaiti comes in and tells you they've bought your loan, have called it in, and now own your business/home/farm? Just ask yourself.
And the media concentrates on any little thing they can find to bash political opponents, while ignoring the real issues that will affect us all, and destroy many. There is so much blame to go around. It starts with us, and our desire to live on credit, goes through both parties, Congress, the White House, Clinton, Bush, ... there's no place to stop, because there is no end.
We are all at fault, to some extent or other, but mostly, IMO, congress, for abandoning their duties. But, they've been in on the festival, too, and have been "on the take" forever, it seems. Congress' 9% approval rating seems a bit high to me....
Due to its resources and location, this town will, I feel, survive the coming shocks. But you Southerners below Canada will have real problems. Seems to me that some folks will freeze to death this winter because they've not the money for fuel oil, and not the education to survive without it.
An education that one cannot gain from schools, but rather real life. Which, so far as I can see, has been avoided by all too many folks for far too long.
I'd throw some numbers out, but nobody can agree on what's accurate. $450 Trillion of derivatives? $1 3/4 Quadrillion? I've seen those numbers and any between, and nobody knows what's accurate. That's what really scares me: nobody knows what's REALLY going on, nobody knows who owes what to whom, nobody knows what to do ....
And the Federal Reserve, which is a PRIVATE CORPORATION and entirely illegal, doesn't know what to do, either. They are out of arrows, and here come the Huns.