this is my new metaphor, and i'm sticking with itTwo articles that are well worth reading.
We pumped a souffle massively full of air. And now the air is leaking out, and the souffle is deflating, and our pundits and politicians are screaming that, my god, WE'RE LOSING ALL OUR EGG AND CHEESE, WE'LL ALL STARVE AND DIE!!!!!!
We're not. We won't. It was fake wealth. The world produces $50 trillion dollars worth of actual financial value every year; outstanding financial derivatives had a paper value of $400 trillion. The financial industry created pieces of paper that they could sell to each other, pretended the printing of the paper created value, and bought some hookers and swank Connecticut mansions with it. It was paper. P-A-P-E-R, capital-p and some other letters behind it. Fuck it, fuck them, stop the government printing presses, stop handing out Monopoly money to every corporation that poormouths at the Treasury, watch the deleveraging, have some lunch, take a walk. Drink a beer. Nobody's fucked but the bankers. There will be a constriction of credit, which means that inflation will moderate and your paycheck will be worth something. You can pay cash, and live to tell about it. The crisis will only come if we bring it on. Worst possible step: Demanding that Congress do something. Because they will. They'll do lots of something. And then we're really fucked.
We're in real trouble, folks -- quickly, somebody get Steve King and Jane Harman in here! We need them to take bold action with the very foundation of our economy!