That has to be the question that will be asked once again all around the country and the world this morning. Word from overnight and overseas markets, once again doesn't bode well for those seeking to see the end of the present economic disaster.
I know better than to call it a recession at this point. Some were calling it a recession last year, while the powers that be in Washington and on Wall Street denied the accusations of a recession. They were all too involved in chasing the willow wisp presidential election and fawning over whether Hillary would win in a walk. Or better yet? Was there really a potential for America to elect a black president.
Well that history has now been jotted into the pages of the book and decided. We now have our first black president. And aside for his oratory and his continued reminders that he won the election? And his assertions that he is carrying out the mandate of last November? The realities remain what they are. He has no real plan and he has no answers. Aside for seizing this as the golden opportunity to push through every liberal and socialist spending program that has been conceived over the past twenty years.
This nation and the world, are in the worst and most dire of economic straights of the past seventy five years to say the least. Many knowing people are now musing that we may very well be in worse shape than our ancestors were in 1929. The dynamics are different and while the markets are more fluid, there are far more people invested top to bottom. From their jobs to their pensions and retirements, to their mortgages to their personal bank accounts.
The last time things were this bad? They claim was 1982. Unemployment was statistically higher, but the dire landscape of the stock markets and banking and the fluidity of finance was no where near this brink of collapse as I recall. 1982 was a recession. This is a depression. And just as last year this time when the powers that be in finance and government were refusing to call it a recession, they are now refusing to call it what it is and what it has become.
This isn't some burst bubble that will recover just as soon as market forces stabilize. This is a full scale financial disaster in motion. And this is a disaster that has been in the making for decades and not just some aberration of the past eight years.
So what do we as individuals do? What can we do? As everyday the news brings more reports of financial uncertainty and more financial failures, all I as an individual can see are the mounting problems and the deepening hole that this nation and the world finds itself descending into.
We have over built and over prospered and over valued our existence for so long, that the reality is that we now have to pay for our heresy and arrogance of unrestrained expansion. And as we do, more and more people are going to lose their jobs, while more and more strain is placed upon a social system of government funded safety nets that have been implemented to save the few and not the many.
I as an average individual don't have any answers, but I have plenty of concerns and worries and fears. I don't know where all this is going to end, but something tells me that it is going to be tragic on a scale never before seen in the history of modern man.
Today I believe, we will see the stock markets slide further and enter the 6000 territory for the first time in a long time. This just reflects the reality IMO. Things have been so over priced and over valued for so long, there is simply no other option. Therefore, the markets are correcting as they say. And the real money players are sitting on the sidelines and waiting for the shit storm to end, before they put their money back into the game.
Meanwhile, the rest of us are left to stand on the sidelines helpless and hopeless. Comforting ourselves as best we can while watching the fires that once were Rome.