Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? � naked capitalism

Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? � naked capitalism

Frankly, the situation is bleak. I think that the Bush/Obama administrations failed to protect the interests of the middle class & the economy as a whole (small businesses, small banks, etc) at the expense of protecting the TBTF institutions, and led us down a complete "extend and pretend" path. It could "work" but the cost will be huge and generational in nature - we have a massive loss of wealth by the boomers who will keep working (if they can); we have a massive underutilization of the younger generation who are not producing, not developing skills, not advancing their own well being.

The future could hold debt serfdom for millions.