Monday, March 17, 2008

I try not to worry...

...but the economic news troubles me.

I try to keep in mind that it's a recession, that we've had recessions before, and that there will be a couple of lean years but that things will turn around again as they always do.

But I also remember my grandmother's horror stories of the Depression, and I remember when there were tent cities of unemployed people in Oklahoma after the oil bust. I remember people who lost their savings as banks failed one after the other in the eighties.

Over the weekend, Alan Greenspan described the current situation as the nation's worst economic crisis since WWII.

I worry that when it's all over, a lot of small savers and investors (like me) will have been thrown overboard to protect the big players whose reckless lending helped put us in this position.

1 comment:

Anonymous said...

Some 70 year old New York billionaire named Zuckerman who edits some heavy economic rag, says that this is the absolute worst financial crisis for America since 1929. I do not know if measures such as keeping only $100,000 in one bank at a time will help. Why wasn't the Beare Sterns article bigger news yesterday? We are fucked no matter how you look at it. George Bush has almost single-handedly destroyed our economy (along with all the materialistic idiots who voted for him). Why couldn't America have been like Switzerland? WHY?